Bitcoin Jumps as Stocks Sink

And, GameStop's leadership shakeup.

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Today is Friday, April 5, 2024.

The Early Bird Index today is 71.22.

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Bitcoin Jumps as Stocks Sink

Even as major stock market indexes dropped on Thursday afternoon, Bitcoin still jumped by 3%.

Details: The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average fell by over 1% on Thursday after Minneapolis Fed President Neel Kashkari made some hawkish comments, saying it is possible that there might not be interest rate cuts this year. Most investors expected some interest rate cuts.

Meanwhile: While these comments were bad for stocks, Bitcoin gained 3%. There was a new price action in Bitcoin with the rally coming from the spot market (a term that means a market where people trade for things now), according to Cointelegraph.

Yes, But: Bitcoin gained back what it lost in April. Bitcoin is still down 3% in April.

Price: So far in 2024, Bitcoin is up over 54%.

Future Event: Keep an eye on the Bitcoin halving event that is expected to happen on April 20. This event will lower the supply of Bitcoin.

Final Thoughts: The new employment data coming out today could impact both stocks and cryptocurrency. 


Notable Earnings Today: Byrna Technologies (Nasdaq: BRYN), Greenbrier Companies (NYSE: GBX).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Butterfat Gelato (Honeycomb), Unified Software Solutions (Netcapital), House Of Clay (Mainvest), Rockport Brewing Company (Mainvest), My Panda (Wefunder), Noble Pies (Mainvest).

Notable Economic Events Today: Unemployment Rate (8:30 a.m. ET), Average Hourly Earnings (8:30 a.m. ET), Nonfarm Payrolls (8:30 a.m. ET), Labor Force Participation Rate (8:30 a.m. ET), Consumer Credit (8:30 a.m. ET).

GameStop's Leadership Shakeup

GameStop (NYSE: GME) announced the sudden departure of its chief operating officer, Nir Patel, on Thursday.

Details: Other members of GameStop’s management team will take over Patel’s responsibilities for now.

Background: It has been a tough year for GameStop due to bad sales and weaker consumer demand.

Stock Price: GameStop is down 30.83% in 2024.

Final Thoughts: GameStop’s meme stock days are over. The company needs to overcome these challenges.

Vimeo Gets New CEO

Video platform Vimeo (Nasdaq: VMEO) ticked up 1.84% in after-hours trading on Thursday after announcing that tech executive Philip Moyer is the new CEO of the company.

Details: The announcement comes after Vimeo’s stock has bounced up and down in recent weeks due to takeover rumors. The stock is flat for the year.

Final Thoughts: We’ll see if the takeover talks return. Until then, hopefully, the new CEO will make positive changes.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.