Yahoo Finance Trending tickers: Bitcoin | BYD | BP | Marks and Spencer
The latest investor updates on stocks that are trending on Tuesday
Bitcoin (BTC-USD)
Bitcoin surged above $45,000 for the first time since April 2022 amid renewed optimism around the possible approval of spot bitcoin exchange-traded funds (ETF).
Despite multiple rejections in recent years, there is growing anticipation that the US Securities and Exchange Commission (SEC) might approve some of the 13 proposed spot bitcoin ETFs as early as 10 January.
Jupiter Zheng, partner of liquid funds at HashKey Capital, told news agency Reuters that the cryptocurrency market is likely to see positive momentum in 2024.
Read more: FTSE wavers and European stocks rise as UK manufacturing slips into red
"The crypto market is set to experience notable growth this year, with key influencing factors being the influx of investment funds from spot ETFs, Bitcoin halving, and a more accommodative monetary policy both in the United States and worldwide," he said.
BYD (1211.HK)
Shares in Chinese automaker BYD were trending in after-hours trading after it announced it produced more than 3 million new electric vehicles (EVs) in 2023.
The figures put the Chinese electric car maker on track to takeover Tesla’s (TSLA) production for a second straight year.
Read more: Stocks that are trending today
The Shenzhen-based automaker said it sold about 1.6 million battery EVs as well as about 1.4 million plug-in hybrid EVs.
Tesla said it produced 1.35 million cars during the first three quarters of 2023. The US carmaker still hasn’t revealed figures for the full year but analysts tracking Elon Musk’s company expect it to have shifted around 483,200 units in the last quarter, according to estimates compiled by Bloomberg.
BP (BP.L)
Shares in BP rose by over 1% after oil prices jumped as a result of potential supply disruptions in the Middle East and expectations of an economic stimulus from China, the world’s top crude importer.
The price of Brent crude (BZ=F) rose 2.4% to $78.87 in early trading after Iran sent a warship into the Red Sea increasing fears of an escalation in hostilities.
Read more: UK house buying activity drops almost a third in a year as interest rates bite
Some shipping companies have paused sailings on the route, in favour of a much longer trip around the tip of Africa. Rerouting the vessels will add time and expense for shipping companies.
Marks and Spencer (MKS.L)
Marks and Spencer has risen to top the FTSE 100 after BNP Paribas Exane raised the retailer’s stock rating to “outperform” from “neutral”.
BNP Paribas Exane named M&S among its top picks in the European retail industry for 2024 and a potential winner from the Christmas period.
Marks and Spencer’s chairperson said the department store chain is on path to become a “global brand”, adding that the company was planning a further international expansion.
"We would like Marks & Spencer to be here for another 100 years, but to do that it has ultimately got to become a global brand,” Archie Norman told The Times.
Watch: Bitcoin miners expand operations on pending spot bitcoin ETF
Download the Yahoo Finance app, available for Apple and Android.
