Yahoo Finance Trending tickers: Bitcoin | Spotify | Gold | Uber
The latest investor updates on stocks that are trending on Monday
Bitcoin (BTC-USD)
The price of bitcoin moved past $41,000 (£32,355) for the first time since April 2022, with the industry calling it the start of a new bull run as traders anticipate the imminent approval of US stock market traded bitcoin funds.
Bitcoin was trading at $41,687 on Monday and has rallied more than 120% this year.
Driving this rally are expectations that the US will soon allow broader trading of bitcoin which would track the price and allow the public to invest in the cryptocurrency without directly purchasing it.
“The market is increasingly expecting a rate cut in the coming year, and investors are increasingly bullish on the outlook of Bitcoin ETF applications by some of the biggest names in asset management,” said Lucy Hu, senior analyst at Metalpha.
Read more: LIVE: FTSE and European stocks mixed as gold hits all time high
"This is an official statement of a bull run, and the price could see more upticks in the coming week,” she added.
Still, the cryptocurrency is far from its last record high of nearly $69,000, which it hit in November 2021.
Spotify (SPOT)
Shares in Spotify were higher in extended trading as the music streaming service announced job cuts.
Spotify will cut more than 1,500 jobs after its bosses said the company had been hit by slower growth and higher interest rates.
The music streaming service, which employs about 9,300 staff, will reduce its workforce by 17%, equivalent to around 1,500 jobs, its chief executive Daniel Ek said in a statement on the company’s website.
Spotify’s share price has more than doubled this year but it is still far from its 2021 highs.
“Shares in Spotify could open higher today, extending this year’s sharp rebound with the stock up over 120% year-to-date," Victoria Scholar, head of investment at Interactive Investor, said.
Read more: Stocks that are trending today
“However shares are still trading substantially lower than their COVID-era highs after a painful period for price action between the 2021 highs and the lows at the start of this year after the 2022 ‘tech-wreck’," she added.
Ek said that in 2020 and 2021, the company had secured “lower-cost capital and invested significantly” but was down facing rising costs.
He said that “despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big”.
Gold (GC=F)
Gold prices hit a new record on Monday for a second day in a row as the global rush for bullion continues.
The gold price hit $2,111.39 per ounce, taking it over the record set on Friday night and further above the previous record set in August 2020.
Gold is being fuelled by expectations that the US Federal Reserve will not raise interest rates further and the markets have priced in a potential interest rate cut as early as March.
Read more: MPs caution Bank of England over digital pound
“Markets are piling in on bets of Fed rate cuts next year, possibly as soon as March. That pushed gold and Bitcoin to critical levels, with the former busting to record highs and the latter hitting $40,000 for the first time since May 2022, Kyle Rodda, senior financial market analyst at Capital.com, said.
“Gold’s move boasted all the hallmarks of a technical melt-up, as the break of previous all-time highs set off stops and buy orders.”
Uber (UBER)
Shares in Uber surged in extended trading as it has been confirmed that the ride hailing company will join the S&P 500 (^GSPC) as part of the index’s quarterly balance.
Shares of Uber were up 5.5% in after-hours trading. They have gained 132% this year.
A company’s stock price often rises on news that it’s joining the S&P 500 as passive and active index funds that track the index adjust their portfolios to make room for it.
Uber, Jabil (JBL) and Builders Firstsource (BLDR) will replace will replace Sealed Air (SEE), Alaska Air (ALK) and SolarEdge Technologies (SEDG) in the S&P 500
The change will take place prior to the open of trading on Monday 18 December.
Watch: Bitcoin surges past $40k on renewed confidence
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