The NASDAQ hits a new record as the Fed's Chairman reiterates the Fed's focus on supporting the economy as needed.
The market closed in the green today once again, with the Nasdaq index reaching a new all-time high.
Federal Reserve Chairman Jerome Powell told the House Select Subcommittee that we are still far from being out of the woods for economic recovery. Once again, he pledged to use the Fed's tools to control rising inflation and other economic turbulence as the economy reopens and returns to normal. That was enough to send the market upward for one more day this week.
CALL TO ACTION
Canada passes its sports betting bill as DraftKings (DKNG) continues its relentless growth.
Today was a big day for sports betting in Canada, as the C-218 bill cleared the Senate to be passed into law. Once the Governor-General gives his royal assent, the lucrative sing-game betting industry can be legal in Canada.
The news is undoubtedly exciting to DraftKings Inc (DKNG) stockholders. DraftKing is a leader in sports betting and fantasy markets, and it is one of the latest suggested stocks by our VIP community. The stock was up more than 2% today after the Canada news. Aside from the growth opportunity in Canada, DraftKings has seen fantastic growth as new states in the U.S. open to sports betting too. No wonder why DraftKings hasa 253% revenue growth since last year. I am adding to my Watchlist to monitor and learn about the stock a bit more.
Positive money flow into Redfin (RDFN) stock may mean a buy-the-dip opportunity for investors.
For the loser stock of the day, let's discuss the technology-powered real estate company Redfin (RDFN). I looked at the stock in January when it was hovering around $80 per share, and even at that price,, the stock seemed quite overvalued. Shares soared to near $100 in Feb. However, as of today's market close, the stock is hovering around $60 per share. I have had the stock on my watchlist for a chance to pick up shares at a lower price. So, let's discuss whether it's time to buy Redfin's shares.
First of all, the company has grown its market share to 1% of the U.S. real estate market. Redfin's ability to reduce friction from the home buying and selling process and save its users a significant amount of money in their real estate transactions are two of the most important reasons for its market share gain.
Since Feb's high, what drove the price down is the acquisition of RentPath to expand into the rental market. Expanding into the market's new segments is a good thing as it allows Redfin to serve its existing user base better and acquire new users. Additionally, the general sentiment about the real estate market getting into a bubble and the upward trend not being sustainable could have been the downward trend.
Now the stock is hovering under the average price target by financial analysts. I also noticed positive money flow into the stock, which means there is new interest in Redin stocks. This can be a beaten-down stock worthy of your investment if you are willing to take the risk of additional volatility that may come from the real estate market's cyclicality.
WANT TO RECIEVE THIS DAILY STOCK MARKET RECAP REPORT IN YOUR MAILBOX?