Speculative stock traders will watch out for the miraculous rally in the S&P 500 (IVV) to continue in mid-week markets. In after-hours trade last night, oil stocks extended their drop.
WTI crude futures traded at just over $90. $99 - $100/bbl is the price level to watch. After nearly 12 hours of negotiating with Iran on the weekend, the U.S. is considering a second round. It did not set an official schedule, yet markets rallied.
Delta Airlines (DAL) bounced back to over $70. Lower oil prices help cut airline costs for fuel. On Tuesday, rumors circulated that United Airlines (UAL) might consider merging with American Airlines (AAL). That lifted DAL stock, too.
Micron Technology (MU) completed its V-shaped bounce when it gained 9.17%. Investors dismissed concerns about Alphabet’s (GOOG) TurboQuant using less memory. When memory prices rose so much, the industry needed to cut back on demand to lower costs.
Alternatively, the market will demand software that uses less memory.
Robinhood (HOOD) jumped by 10.35% to close at $79.09. The stock traded at $150 last October. The firm is excluding some prediction markets in its offering. President Jordain Sinclair believes that market abuse and insider trading are too high a risk.
Brokerage stocks that bounced back included Futu Holdings (FUTU), from a $130 low to $161.84. Charles Schwab (SCHW) rose from $92 earlier this month to close at $98.38.
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