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DJIA Futures: -132 (-0.4%)
SPX Futures: -25 (-0.5%)
NASDAQ Futures: -114 (-0.7%)
Good morning friends!
Futures are slipping after the S&P 500 closed at a fresh 2023 high on Friday.
Let’s get right to it!
Stocks are starting the new week of trade lower following a five-week win streak for the S&P 500.
Gold is also pulling back a bit after surging past $2,100 to a fresh record.
Spot gold prices hit a high of $2,110.80 per ounce this morning before giving back some of those gains.
Currently, prices are down about 0.5% at $2,080 per ounce.
Crypto-related stocks are surging this morning as Bitcoin nears $42,000.
Bitcoin prices are up 5.6% at just over $41,800.00, marking a 19-month high for the digital currency.
Marathon Digital Holdings (MARA) shares are surging 14.2% ahead of the open, Riot Platforms (RIOT) shares are up 12.1%, and Coinbase (COIN) shares are 8.8% higher.
Bitcoin is up more than 145% from the start of this year.
The rally comes as bitcoin ETFs appear to be making progress.
The SEC reportedly met with representatives from Grayscale, BlackRock, and the Nasdaq last week.
Grayscale is looking to turn its Grayscale Bitcoin Trust (GBTC) into an ETF while BlackRock is working to launch the first ever spot bitcoin ETF.
Spotify (SPOT) shares are up 6.6% in premarket trade after announcing layoffs this morning.
CEO Daniel Ek said the music streaming company will lay off 17% of its workforce in a move to reduce costs and adjust for a slowdown in growth.
In an email to staff, Ek said Spotify is taking “substantial action to rightsize our costs.”
He said the company hired too many employees in 2020 and 2021.
The layoffs will impact roughly 1,500 employees and are in addition to the roughly 800 jobs cut earlier this year.
Virgin Galactic (SPCE) shares are tumbling 14.5% ahead of the open after Richard Branson said he will not invest further in the company.
In a Financial Times interview on Sunday, Branson said his business empire no longer has “the deepest pockets” and Virgin Galactic should have “sufficient funds to do its job on its own.”
The comments come after the company announced job cuts last month and said it will suspend commercial flights for 18 months from the start of 2024.
The cost-cutting efforts are part of Virgin Galactic’s plan to develop a larger aircraft aimed at taking passengers to the edge of space.
The company estimates its current funding will carry it through 2026 when that aircraft is scheduled to enter service.