Trump backs bitcoin, small caps rise: Asking for a Trend

On today’s edition of Asking for a Trend, host Josh Lipton breaks down some of the biggest stories and trends from the trading day.

Former President Donald Trump is scheduled to speak at the Bitcoin Conference on Saturday, July 27, despite previously calling the cryptocurrency a “scam.” BTC Inc. CEO and organizer of the Bitcoin Conference David Bailey explains: “Donald Trump is a businessman first and foremost, and he sees a good opportunity. And bitcoin is the greatest opportunity for this country.”

He calls the Biden administration’s sentiment toward bitcoin (BTC-USD) “horrendous,” and as the industry aligns with Trump, they are going to “send a message to the Democratic Party that that they’re on the wrong side of this issue. And that it would be much more productive for them to work with our industry rather than to banish our industry.”

Yahoo Finance senior markets reporter Jared Blikre breaks down some of the trends driving the market action on Tuesday. He focuses in on small caps stocks, which are tracked on the Russell 2000 (^RUT), as they have outperformed large-cap stocks on the Nasdaq 100 (^NDX) for five straight days. Meanwhile, Cyclical sectors, like industrials (XLI) and the homebuilder category (XHB), have also been surging within the last few days.

Market Domination host Julie Hyman breaks down Amazon’s (AMZN) falling multiple in Tuesday’s Chart of the Day. The stock is currently trading at 32 times its estimated earnings, well above the Nasdaq 100’s (^NDX) multiple but well below the 10-year estimated earnings average.

Finally, Josh Lipton checks in on some of the stocks moving the most in after-hours trading as shares of Five Below (FIVE), Spirit Airlines (SAVE), and JB Hunt Transportation Services (JBHT) all slide lower

This post was written by Melanie Riehl