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KEY POINTS
OVERALL MARKET
The market indices ended the day barely in the green, with Treasury bond yields continuing to fall.
We ended today with a green stock market, but only barely. The DOW and S&P 500 indices closed in the green, as well as the NASDAQ which barely finished above zero.
While the market still saw growth, the 10-year Treasury bond yield dropped to its lowest since mid-February. This is not a great sign for investors, however, the overall sentiment appeared to remain positive with the numbers put up by the DOW and S&P. GET THE DAILY MARKET RECAP
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WHAT'S UP?
Coinbase (COIN) announces it will be open to any and all crypto, as well as 4% APY for the dollar-tethered USD Coin.
Folks, considering the recent volatility in the crypto market, today I searched the cryptocurrency list of stocks on Stock Card. This is where I noticed Coinbase (COIN), today’s winner stock, and the biggest name in crypto.
Earlier this month, CEO Brian Armstrong said that Coinbase was planning on accepting and listing every cryptocurrency it could, to promote a free market and be the go-to exchange. This will help keep them ahead of challenger exchanges. On top of this, the company recently announced that it will soon begin offering a 4% annual percentage yield on USD Coin, which is tied to the price of the dollar. Such a rich offering could encourage more users to store their money on Coinbase exchange, even if they decide not to invest in cryptocurrencies. Despite today's 8% or so jump, Coinbase shares are down 30% over the past three months, falling more or less in tandem with Bitcoin. Unsurprisingly, this upward movement follows Bitcoin, which also rose for the majority of today, only dropping after the stock exchange closed. Like I mentioned, if you are looking to benefit from the growth of crypto without directly investing in cryptocurrencies, investing in Coinbase is one of your best choices. Also, have a look at other cryptocurrency related stocks by searching for cryptocurrency in the search bar. I'll leave a link to this list in the show notes. Explore our cryptocurrency collection of stocks here! WHAT'S DOWN?
Pinterest (PINS) fell 3% today, stunting the stock’s path to a record high.
The social media eCommerce platform Pinterest (PINS) took a -3% loss today. This is a small loss compared to the 40% it has gained since May, which was on track to eclipse it’s year record high.
The website is on the 14th place in terms of users worldwide, yet it has been continuing to evolve and adapt to the online commerce landscape. For example, this year the company partnered with Shopify to integrate ecommerce into the platform. You can see the impact on its revenue already with the last earning’s report boasting a 78% growth in revenue, year-over-year, and a monthly user growth of 30% in the same time frame. Interestingly, the stock is a part of the 2-greener high conviction watchlist we created yesterday because of its High Growth Potential and Strong Operations. As we discussed yesterday, high conviction growth stocks may go through rapid fluctuations. The best strategy to invest in these is to monitor and buy the dip around the earnings timeframe, or when there is some sort of a short term negative news dragging investors sentiment. On the company's Stock Card, below the price chart, you can see a list of important dates, including the next earning’s report due for July 30th. I'll be watching the stock until then to buy the dip in Pinterest if the opportunity presents itself. WANT TO RECIEVE THIS DAILY STOCK MARKET RECAP IN YOUR MAILBOX?Comments are closed.
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