The market rally to new daily highs is lifting small-cap stocks. On Tuesday, Plug Power (PLUG) gained 31% after its CEO said the company finalized its term sheet for a $1.6 billion Department of Energy loan.
Short-sellers have a heavy bet against PLUG stock with a 29.94% short float.
Watch the China EV favorite, Nio today. With short interest is 15.38%, the stock has a bigger chance of a short-squeeze the more the share price falls. After the market closes, Tesla (TSLA) will post quarterly results. If this EV leader reports weak profit margins on price cuts, it will take the sector down with it. Expect Rivian (RIVN) to react to Tesla’s results, along with the trading action for Ford (F), General Motors (GM), and Stellantis (STLA).
The growing chances of Donald Trump’s re-election helped social media firm Rumble (RUM). RUM stock soared by 33% yesterday but pulled back after meeting resistance at the 200-day simple moving average.
Digital World Acquisition (DWAC), an SPAC, is up by over 125% in the last week as Trump dominates the news headlines. Despite nearly all SPACs losing money after the conversion, momentum traders are not concerned.
In the cryptocurrency market, Bitcoin’s slump is hurting the ETF and miners. Watch Marathon Digital (MARA), Coinbase Global (COIN), and Riot Platforms (RIOT) today as Bitcoin fights the bears to hold the $40,000 support line.
