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NEWS
Markets Brace For “Nvidia Day”

U.S. stocks exhibited strength today alongside crypto as anticipation builds for Nvidia’s much-awaited earnings report tomorrow after the bell. With so much at stake, we’ve brought you the technical, fundamental, and social perspectives on Nvidia and the chip sector to help you prepare for the highly anticipated report. 👀

Today's issue covers the bull market behavior in crypto, everything you need to know for Nvidia earnings, and more from the day. 📰

Here’s the S&P 500 heatmap. 6 of 11 sectors closed green, with technology (+0.83%) leading and financials (-0.68%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $SLN, $VRT, $SOAR, $SYRS, $ACRS 📉 $BATL, $XP, $INTU, $KYTX, $NOK*

*If you’re a business and want to access this data via our API, email us.

VIBES
The Bulls Are Back In Town 🤑 

Before diving into Nvidia Day prep, let’s discuss some bullish behavior in today’s tape that has us feeling like we’re back in 2020/2021 all over again. 🤯 

First, we’ll start with crypto, everyone’s favorite risk asset. Regulators finally approved the listing of options for spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust ($IBIT) listing on the Nasdaq being the first to begin trading today.

It traded roughly $1.9 billion in notional exposure, with the ratio of calls to puts at 4.4:1. For context, the popular gold ETF ($GLD) did $5 billion in trading volumes today (granted, it has been around for decades). Regardless, $1.9 billion is a massive amount (and likely a record) for day one of trading. Analysts say this likely played a role in Bitcoin making new all-time highs above $94,000 before pulling back. 💵 

In the equity market, crypto-linked stocks are back on the move…but none more so than MicroStrategy. $MSTR shares are up over 75% just this month and have roughly quadrupled in price since their September 6th low. One ETF analyst noted that the presence of leveraged MicroStrategy ETFs, options, and overall leverage inherent in the company’s business structure plays a major role in its breakneck outperformance. 🚀 

And if you need more evidence of the crypto bull market behavior, just look at Google searches for the term “meme coins” surging to new heights. Probably nothing, though. 😐️ 

As for the overall market vibes, a Financial Times report showed insiders are also selling aggressively in the current environment. The ratio of sellers to buyers recently surpassed its 2021 peak as corporate executives cash in on record-high stock prices.

Not to mention, Blackstone just struck a deal to take Jersey Mike’s Subs private for roughly $8 billion…as the race for returns expands further. What a load of bologna!

Markets can stay irrational longer than expected, but pockets of speculation continue to run rampant in the current environment. With elevated expectations comes the importance of businesses hitting their numbers to keep the bull run going. That’s why all eyes are turning to Nvidia tomorrow after the bell to make sure Jensen Huang and his team can keep the bull market vibes going. 😬 

We’ve covered everything you need before Nvidia earnings in the story below. But if you want more coverage of the crypto side of things, definitely read today’s Litepaper, written by our resident crypto analyst, Jonathan Morgan!

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