TLDR
- Crypto stocks Coinbase, Robinhood, and Strategy all rose 3-4% as Bitcoin rallied, shrugging off the Fed’s rate hike
- The SEC approved digital versions of securities for U.S. trading, boosting crypto-linked stocks across the board
- Warren Buffett stepped down as Berkshire Hathaway chairman immediately, with son Howard taking over
- Netflix dropped 2.8% after Wells Fargo downgraded it to Underweight and cut its price target to $57
- Xenon Pharmaceuticals crashed 27% after pausing a drug trial due to neuropsychiatric side effects
Crypto stocks led Friday’s market gains as Bitcoin’s rally pushed Coinbase, Robinhood, and Strategy higher. At the same time, Netflix fell on a downgrade and Warren Buffett made a surprise exit from Berkshire Hathaway.
Stock futures edged up early Friday. Easing oil prices and growing confidence in the Fed’s inflation strategy helped extend Wall Street’s post-decision rally.
The Federal Reserve raised interest rates for the first time in more than three years. Investors largely shrugged it off and kept buying.
Crypto Stocks Rise After SEC Approves Digital Securities
The U.S. SEC approved digital versions of securities to begin trading in the country. That decision sent crypto-linked stocks higher across the board.
Securitize jumped 9%. Coinbase rose nearly 3%, Robinhood advanced 3.6%, and Strategy gained 3.9%. Circle Internet Group, Riot Platforms, Galaxy Digital, Hut 8, and Hyperliquid Strategies also posted gains of 2-7%.
Bitcoin’s price rally added fuel to the move. Investors were not rattled by the Fed’s rate hike or the collapse of the Clarity Act.
The artificial intelligence trade also showed strength on Friday. Corning, Intel, Coherent, and Lumentum all rose in premarket trading.
Intapp shares rose 3% after the company announced a partnership with OpenAI. Its AI tool, Celeste, will now be available as a plug-in for ChatGPT Enterprise, targeting law firms and other regulated industries.
Netflix Falls, Buffett Steps Down From Berkshire Hathaway
Netflix dropped 2.8% to $73.20 after Wells Fargo downgraded the stock to Underweight. The bank also cut its price target from $80 to $57.
Berkshire Hathaway Class B shares were flat after the company announced Warren Buffett would step down as chairman with immediate effect. His son Howard Buffett will take over the role.
On the downside, Xenon Pharmaceuticals fell 27%. The company paused enrollment in two drug trials for major depressive disorder and bipolar depression after reports of neuropsychiatric side effects.
Xenon said the pause is expected to be temporary. The company is looking at dosing adjustments and said patients already enrolled will continue treatment. Its focal seizure trial is not affected.
Nucor and Steel Dynamics each fell 2%. Both steelmakers issued third-quarter earnings guidance below Wall Street expectations. Nucor guided for $5.55 to $5.65 per share, while Steel Dynamics guided for $5.34 to $5.38 per share.
Both figures came in under analyst consensus estimates. Higher steel prices and record shipments were cited as positives, but weaker raw materials results weighed on the outlook.
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