Dow Jones futures were little changed Tuesday night, along with S&P 500 futures and Nasdaq futures. The stock market rally had another quiet session, with the major indexes holding near record highs. Bitcoin plunged toward multi-month lows but rebounded in the latest test for the cryptocurrency.
UiPath (PATH) reported better-than-expected earnings in its first report since its IPO, but the initial reaction for PATH stock was decidedly negative.
Clover Health (CLOV) and Wendy’s (WEN) soared as they’ve joined the “meme stock” Reddit craze. GME stock shot up with GameStop (GME) earnings due Wednesday. Bed Bath & Beyond (BBBY) and AMC Entertainment (AMC) continued higher. But RIDE stock plunged after Lordstown (RIDE) issued a going concern notice.
The S&P 500 was essentially flat Tuesday. But Generac (GNRC) and Marvell Technology (MRVL) broke out. Google parent Alphabet (GOOGL) is nudging toward a breakout and new high. Applied Materials (AMAT) retreated, but now has a handle in its consolidation as it tests its 50-day line once again.
Dow Jones Futures Today
Dow Jones futures edged higher vs. fair value. S&P 500 futures were flat. Nasdaq 100 futures rose slightly.
UiPath earnings topped views, defying forecasts for a loss. Revenue modestly beat targets. The maker of robotic process automation software guided higher on some metrics. But sales growth slowed to a still-hefty 64% in Q1 and is likely to keep slowing in Q2.
PATH stock tumbled 7% in extended trade. Shares rose 2.9% to 76 on Tuesday.
PATH stock came public at 58 a share in late April, soon forming an IPO base. UiPath stock broke out past the 83.50 buy point in late May. On May 28, PATH stock hit a record 90, but then reversed sharply lower. Shares have trended down since then.
Bitcoin traded below $33,000 Tuesday night, down modestly from a day earlier. Intraday, the Bitcoin price sank to $31,035, undercutting a late May low. Dropping below $30,000 would signal a key breakdown for Bitcoin, which has been trying to hold support but hitting resistance at around $40,000 over the past couple of weeks. Bitcoin hit a record $64,829.14 in mid-April.
Other cryptocurrencies, including Ethereum and Dogecoin sold off as well before rebounding somewhat.
U.S. law enforcement said Monday they had recovered Bitcoin currently worth $2.3 million paid by the Colonial Pipeline last month to hackers. That cyberattack spurred a shutdown of the major East Coast gasoline pipeline. Colonial said it had paid Bitcoin worth $4.4 million at the time.
A key selling point for Bitcoin is that it’s private and hard to trace, making it popular with criminals and tax evaders. But the partial recovery of the Colonial Pipeline ransom suggests law enforcement can trace Bitcoin payments to some extent. Meanwhile, the U.S. is taking steps to crack down on Bitcoin-related tax evasion, moving toward requiring cryptocurrency exchanges such as Coinbase (COIN) to report large transactions.
COIN stock fell 4.7% to 220.66, hitting a record closing low. Among other Bitcoin-related stocks, Grayscale Bitcoin Trust (GBTC) slumped 7.2% to a 2021 low.
Clover Health stock skyrocketed 86% to 22.15 on Tuesday, hitting a record 24.93 intraday as it became the latest stock discussed heavily on Reddit forum Wall Street bets. CLOV stock leapt 32% on Monday. Combining several speculative themes in one, CLOV stock came public on Jan. 8 via a special-purpose acquisition company, or SPAC, run by venture capitalist Chamath Palihapitiya. Clover Health had tumbled after…