Cryptocurrencies were heading the investment trends early on Friday morning, while the biggest stock movers included a new face on the market.
We are now standing on the precipice of Thanksgiving week, the first major event of the holiday season. As such, it is not a surprise to see an old retail favourite nestled amongst today’s trending stocks.
The NASDAQ and S&P 500 made gains on Thursday, with a note from JP Morgan claiming that the latter is on course to climb by 6% to 5,000 by early next year.
Here’s the latest news on crypto and Friday’s trending stocks:
Though not a stock, Bitcoin was generating chatter after it dipped on Thursday. Cryptocurrencies were down across the board, with fellow currencies Dogecoin, Ethereum and Cardano also dropping into the red. The drop comes after the US Securities and Exchange Commission turned down an application for a Bitcoin ETF. However, cryptos appeared to launch into strong recoveries early on Friday.
Restaurant chain Sweetgreen (NYSE: SG) stormed up the charts, with its share price rocketing by more than 300% on its first day of public trading after IPO. The salad specialist opened at $52 a share, well above its marketed range of $23 to $25 per share.
Shares in Chinese online retail giant Alibaba (NYSE: BABA) dropped by more than 10% yesterday after it warned of a slowdown in consumer spending. The company, which missed second quarter expectations, is facing increased competition, regulatory issues and lower general consumption in China.
Longeveron (NASDAQ: LGVN) shares soared by over 130% on Thursday after the US Food and Drug Administration granted its Lomecel-B treatment Rare Paediatric Disease designation. This can speed the review process of the Hypoplastic Left Heart Syndrome treatment, giving Longeveron an opportunity to bring it to market sooner than planned.
EV stocks have had a great week and it looks like Apple (NASDAQ: AAPL) is joining the fun. The tech giant climbed after Bloomberg reported that it is looking to produce a fully automated electric car. Additionally, Apple announced a new Self Service Repair program, which will allow consumers to buy parts and repair their Apple technology at home.
Macy’s (NYSE: M) was generating a buzz after its stock price soared by over 20% in mid-day trading yesterday after its Q3 earnings beat estimates. The retailer also hiked its guidance for full-year net sales to between $24.12bn and $24.28bn, attracting investors’ attention as we come into the holiday season.