BullRun

Robinhood’s monster rally cools off while
global stocks and Bitcoin gain ground

August 5, 2021

Good Morning.

European stocks continue their impressive run with the
benchmark Euro Stoxx 600 adding to Wednesday’s record
close. Tech, finance and utilities lead the way, helped by another
batch of strong corporate results. Speaking of record closes,
Robinhood is coming back to Earth this morning. But $HOOD
bulls can hardly complain after yesterday’s huge gains.

Crypto, too, is having a good day. Bitcoinnearly crossed above $40,000 overnight, before slippin

Lets see what else is moving the markets

Markets Update

Asia

The major Asia indexes are mixed with the Nikkei, the best
of the bunch, up 0.5% in afternoon trading.
Chinese tech stocks are having another rough session. Tencent, off 4.8%, is headed for its worst day of the year after further rumbles Beijing will crack down on the gaming industry this time by closing a beneficial tax loophole.
The other concern is Delta. COVID cases are spiking across China, forcing the government to adopt an aggressive containment strategy that includes curbs on public transport and new quarantine measures. This wave will test China’s vaccine strategy.

Europe

The European bourses had a groggy open before rebounding. Two hours into the trading session, the Stoxx Europe 600 was up 0.3%, boosted by strong corporate results across the board.
Speaking of strong results… shares in Rolls-Royce were up 2.4% in early trading after the jet-engine maker surprised the markets with a return to profit as air travel picks up again.
Adidas is one of the day’s big losers, off 4.1% despite the company posting a big top-line beat on strong global demand for comfy leisure, and upping its full-year forecast.

U.S.

U.S. futures have been trading sideways all morning. The Nasdaq eked out a meager gain on Wednesday while the S&P 500 and Dow fell
What goes up, must come… Shares in Robinhood are down 6.1%in pre-market trading today after a monster two-day rally saw it gain 50%. What’s behind the big jump? Fortune‘s Declan Harty explains
Uberposted a worse-than-expected loss, hit hard by driver-recruitment costs.Shares are off nearly 4%, pre-market.

Elsewhere

Gold is down a touch, trading around $1,810/ounce.
It’s been a rough week for oil bulls. Crude is flat with Brent around $70/barrel.
Bitcoin is up 2.5%,trading near $39,000.