Twitter’s New Service
After the Labor Department released the May Employment report, the stock market ended the week on high notes. — More on that in the “Overall Market” section.
Beyond the overall market, an ETF’s bullish position gave confidence to a software company’s investors. Meanwhile, an EV maker’s stock lost momentum after the hype faded. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, are you willing to pay for extra features on Twitter? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended the week in the green zone. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price increased back to $38K per coin.
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The stock market ended in the green zone on Friday.
After the Labor Department released the May Employment report, the markets extended early gains. Despite missing estimates for non-farm payrolls, the report showed the unemployment rate fell to 5.9%. It is the lowest level during the pandemic era. Although the U.S. economy missed in job gains, the markets believe the report points to an ongoing and gradual recovery.
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So, what happened?
Shares of Zoom (Ticker: ZM) were up by more than 5% on Friday. After Cathie Wood’s Ark Innovation ETF bought 96,000 shares on Thursday, investors’ sentiment turned bullish toward the company. Although uncertainty over the video communications’ future dragged down its performance, Ark’s position gave confidence to investors that the company would stay relevant post-pandemic. It seems the markets are confident to follow Cathie Wood’s positions once again.
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So what happened?
Shares of Workhorse (Ticker: WKHS) were down by more than 11% on Friday. Although the electric vehicle’s stock surged more than 40% in June, the fundamental for Workhorse has not changed. After becoming a “meme stock” during the week, the stock lost momentum and early retailer investors started to lock gains. Although buying the short-squeeze might seem a good idea, it is important to stay aware of the implied volatilities.
Twitter’s New Service
So what happened?
On Thursday, the social media company started rolling out its subscription service. At approximately $3 per month, the service is currently available only in Canada and Australia. The so-called “Blue” subscription offers access to exclusive features such as undo tweets, bookmark folders, reader mode, etc. According to the company, the subscription service is part of its goal to double annual revenue by 2023. Despite the premium service launch, Twitter confirmed a free version is not going away.
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