Followers | 679 |
Posts | 141062 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Thursday, January 28, 2021 5:42:05 PM
By: Motley Fool | January 28, 2021
• There are several catalysts driving the fintech giant higher.
What happened
The stock market was having a strong day on Thursday, but fintech giant Square (NYSE:SQ) was a major standout. As of 3 p.m. EST, shares had risen by 10% to about $222, making back all of what they lost in this week's slump.
So what
There are several catalysts that could be driving Square higher today. For one thing, the overall stock market is strong, and the financial sector as a whole is performing well. As an indicator, the Financial Select Sector SPDR ETF (NYSEMKT:XLF) was higher by 2.5% for the day, significantly outperforming the S&P 500.
In addition to the general market strength, here's what could be giving Square a lift:
• There's reason to believe consumer spending is strengthening, which is a positive catalyst for Square's merchants and its Cash App business. Mastercard (NYSE:MA) reported that transaction volume through its network grew by 11%, 10%, and 7% year over year in the first three weeks of January, respectively. That's an acceleration over November and December.
• The recent volatile gains in stocks like GameStop are boosting interest in retail trading, plus brokerage app Robinhood announced trading restrictions on some of the most high-interest stocks. Both could be positive catalysts for Cash App, which allows users to buy and sell stocks.
• Bitcoin and other cryptocurrencies are rising sharply. Square not only has some bitcoin on its balance sheet, but allows Cash App users to buy and sell the digital currency.
Now what
One important takeaway is that this is not a short squeeze like we're seeing elsewhere in the market. There are some good reasons for this upward move we're seeing in Square, and if Robinhood users actually start to migrate to the Cash App's trading platform, it could certainly be a needle mover for Square's business.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent SQ News
- Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News • IH Market News • 05/03/2024 07:26:30 PM
- Amgen, Bock Up; Cloudflare, Expedia Weak • IH Market News • 05/03/2024 01:12:08 PM
- Block Announces First Quarter 2024 Results • Business Wire • 05/02/2024 08:10:00 PM
- Block Innovates Bitcoin Mining, DOJ Proposes 3-Year Prison for Changpeng Zhao, and More Crypto News • IH Market News • 04/24/2024 05:50:55 PM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- Block to Announce First Quarter 2024 Results • Business Wire • 04/04/2024 09:23:00 PM
- Exxon Mobil Forecasts Earnings Decline, Twilio Seeks Board Tenure Changes, and More News • IH Market News • 04/04/2024 11:30:20 AM
- Bitkey commence à expédier les premières unités de son dispositif matériel et ajoute des fonctions de sécurité et de récupération • Business Wire • 03/13/2024 10:10:00 PM
- Afterpay Expands to More In-Demand Categories with New Spring Merchants • Business Wire • 03/13/2024 01:00:00 PM
- Bitkey Starts Shipping First Units of Its Hardware Device, Adds Security and Recovery Features • Business Wire • 03/13/2024 12:27:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 11:04:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 10:31:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:11:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:08:05 PM
- Uniswap Skyrockets 55% with Incentive Proposal, Avalanche Confronts 4-Hour Shutdown, and More • IH Market News • 02/23/2024 06:26:18 PM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 12:06:53 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/22/2024 09:51:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/22/2024 09:42:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 09:11:06 PM
- Block Announces Fourth Quarter and Full Year 2023 Results • Business Wire • 02/22/2024 09:05:00 PM
- U.S. Futures Surge on Nvidia’s Stellar Performance, Global Markets Respond Positively • IH Market News • 02/22/2024 11:05:39 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/21/2024 10:40:10 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/21/2024 10:39:40 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/21/2024 10:39:04 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM