Hello and welcome to Insider Investing. I’m Joe Ciolli, and I’m here to guide you through what’s been happening in markets, as well as what to expect in the coming weeks. Here’s what’s on the docket:
Have thoughts on the newsletter? Just want to talk markets? Feel free to drop me a line at jciolli@insider.
Your weekly outlook
The past week in the stock market saw a few more flashes of the long-awaited rotation out of mega-cap tech stocks, and into beaten-down value names. On Monday the tech-heavy Nasdaq 100 bottomed out more than 10% below recent highs before saving some face later in the week. Many popular meme stocks were collateral damage.
But the Nasdaq may have an ace in the hole in the form of the $1,400 stimulus checks due to hit Americans’ bank accounts as soon as this weekend. A recent survey from Deutsche Bank found that half of all people between the ages of 25 and 34 plan to use the money to buy stocks.
Considering the recent tendency for retail investors to chase momentum in tech stocks and Reddit favorites, it could be game on for the Nasdaq — and let’s be honest, probably GameStop, which saw a spike of renewed buying this past week.
Jake Ryan, the chief investment officer of crypto asset hedge fund Tradecraft Capital, explains how bitcoin could reach a market cap of $5 trillion by 2023 and $20 trillion by 2030. He also shares two emerging areas of the crypto-asset market that he’s bullish on.
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