Stock Market Futures Moving Sideways After Recent Hot Streak

Stock market futures are mixed in early morning trading on Friday. As stocks continue to trade at record levels and companies smash earnings estimates, investors appear to be carefully evaluating the market. By all means, the current valuations at the market are not the most affordable. However, would investors be wise to continue buying amidst the current rally in the broader stock market now?

For one thing, Michael Vogelzang, chief investment officer of Captrust recently provided some insight regarding all this. He said, “Both the fiscal stimulus and monetary stimulus has been driving markets really since the ricochet off the bottom of COVID.” He added, “What we’re looking at now is, the easy work is done. The Fed is beginning to taper shortly, we expect. We don’t expect interest rates to rise much from here. But what it means is that the market is reasonably valued. It’s not cheap by anyone’s estimation. And in order to progress here … we’re going to have to see stronger earnings growth, and continued strong earnings growth.” As of 7:01 a.m. ET, Dow and S&P futures are rising by 0.13% and 0.07% respectively, while Nasdaq futures are trading lower by 0.21%.

Chipotle Posted Blazing Hot Figures In Its Latest Quarter

Chipotle (NYSE: CMG) could have investors hungry for its shares in the stock market today. This would likely be thanks to its stellar quarterly earnings report after yesterday’s market close. For the uninitiated, Chipotle is a Colorado-based restaurant firm that operates a chain of “fast-casual” restaurants. Through its vast network of locations, the company caters to consumers across the U.S., U.K., Canada, Germany, and France. Be it through wider availability of delivery services or the economy reopening, Chipotle remains a top pick for consumers.

CMG Stock chart

Diving right into it, the company posted an earnings per share of $7.02 on revenue of $1.95 billion. For comparison, consensus estimates were at $6.32 and $1.94 billion respectively. Not to mention, the company also beat estimates for quarterly same-store sales as well. According to Chipotle, this is mostly thanks to customers returning to dine-in and spending more on its newer menu items. In detail, its comparable sales for the quarter rose by a sharp 15.1% versus projections of 13.4%. Building on its current momentum, Chipotle is planning to build an additional 200 locations this year.

All in all, CEO Brian Niccol had this to say, “Chipotle’s third-quarter results demonstrate strong momentum in our business fueled by a multi-pronged strategy and a passionate team that’s delighted to welcome more guests back into our restaurants.” He also added that Chipotle is “better positioned” to drive sustainable long-term growth in its business. With all that said, investors may want to keep an eye on CMG stock at today’s market open.

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Robinhood’s Crypto Wallet In Focus As Bitcoin Surges

Robinhood (NASDAQ: HOOD) appears poised to ride the current tailwinds in the industry. Namely, the financial services firm continues to see a massive demand for its upcoming crypto wallet offering. Just yesterday, CEO Vlad Tenev revealed that there are currently over 1 million users on the waitlist for this feature. In essence, investors will be able to trade, send, and receive digital currencies via this wallet. Among the notable digital coins currently being traded on the Robinhood platform are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

HOOD stock

By and large, the current move would serve to further advance the company’s top-line. This would especially be the case as retail investors are more than eager to jump on the Bitcoin train yet again.

Accordingly, the leading digital currency hit a record high of over $66,000 earlier this week. Even with its current fluctuations, the digital currency continues to hold strong above the $60,000 mark. This alongside the hype around the ProShares Bitcoin Futures ETF launching would make Robinhood’s play a timely one. While time will tell if Robinhood can make the most of this in the long term, HOOD stock could be taking center stage now.

[Read More] 5 Financial Stocks To Watch In A Rising Interest Rate Environment

Trump-linked SPAC Deal Sees DWAC Stock Surging To Meme Stock Proportions

Among the latest names in the current meme stock trade would be the Digital World Acquisition Corporation (NASDAQ: DWAC). In brief, it is a California-based special purpose acquisitions company (SPAC). For the most part, a merger between the SPAC company and the Trump Media & Technology Group is putting DWAC stock in the limelight now. So much so that the company’s shares surged by a whopping 356.8% during intraday trading yesterday, closing at $35.54 apiece. In fact, trading was halted several times due to excess volatility. At its peak price of $52, the stock was looking at gains of over 400%. The momentum is continuing this morning, with the stock rising by over 40% in pre-marketing trading today.

Notably, the connection with former U.S. President Donald Trump appears to be the focal point of the hype. Through this merger, Trump’s new company would be eyeing a public listing. The likes of which could serve to further bolster the eventual rollout of his social media platform “TRUTH Social”. While the long-term potential of the platform remains to be seen, retail investors on Reddit appear to be all for it already. According to Quiver Quantitative, a Reddit stock ticker data tracker, DWAC stock was among the top trending names in the WallStreetBets forum. In fact, it even surpassed GameStop’s (NYSE: GME) mentions for the day. If anything, we could be looking at another interesting challenger in the meme stock space now.

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

Stock Market Earnings To Note Before The Opening Bell

With the closing of this week of the earnings season, investors remain as busy as ever. For those keen to catch companies reporting before the opening bell, there is no shortage of names to note. The list includes Cleveland-Cliffs (NYSE: CLF), American Express (NYSE: AXP), Schlumberger (NYSE: SLB), Seagate Technology (NASDAQ: STX), and Honeywell International (NASDAQ: HON) to name a few. Whether it is keeping up with earnings or following crypto and SPAC news, investors seem to have plenty of exciting news to consider and digest in the stock market today.

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