The crypto market was mostly in the green over the past 24 hours, as were most of top 10 market cap coins. This morning, Bitcoin (BTC/USD) registered slight gains, passing $62,000. Outside the top 10, the biggest winner was Curve (CRV/USD) with a gain of over 17%, reaching weekly increases of more than 70%.
Tesla joins $1 trillion club
After yesterday’s share price growth of over 12%, Elon Musk’s company has passed the trillion-dollar mark for the first time in its history. The gains are due to a giant order from rental car company Hertz. Only a few tech giants are in the trillion club.
Hertz also benefited from the news, seeing its stock gain 10%. The rental car company plans to buy 100,000 Model 3 sedans from Tesla as it looks to grow following its recent filing of bankruptcy in the US. Tesla shares are up 45% y/y despite a rocky start to 2021 and after a rally that began in May.
Wall Street finishes in the green
NASDAQ100 closed the day 1% up. After Tesla, the biggest contributor was pharmaceutical firm Moderna with a 7.1% daily return. Despite having lost value in the double digits over the past month, Moderna’s share price has more than tripled so far this year. Two of the top performers in the SPX500 were steel firm Nucor (+6.9%) and natural gas producer Coterra Energy (+6%).
Microsoft and Google to report earnings today
Yesterday, HSBC reported 76% y/y profit growth year and announced plans for a share buyback. Today, Alphabet (Google), Microsoft, and chipmaker AMD will report earnings.
Oil prices retreat
After recording a new 7-year high yesterday, oil prices eventually ended the day lower. This morning, oil prices were nearly flat, opening slightly lower than where they closed yesterday.
JPN225 follows Wall Street lead
Japan’s main index gained over 1% today, taking Wall Street’s cue. One big winner in Europe was GER40 with a gain of 50 points. FRA40 gained 10 points and the UK100 opened 9 points higher. Both the China50 and HKG50 indices opened lower this morning.
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