Stocks rebounded late in the day Friday, and they’re following through with more gains so far today. Gold and silver are also surging along with cryptocurrencies, while crude oil is up more modestly. The dollar and Treasuries are flattish.
It looks like the federal government shutdown may FINALLY end...soon. A handful of Democrats broke ranks and approved a deal with Republicans that would fund some government agencies through Jan. 30 and give federal workers back pay, among other things.
That said, the 60-40 Senate vote is only a procedural one. Additional votes in the Senate and House are required, and President Trump will have to sign the final piece of legislation. It will take at least a few days for all that to come together – and individual legislators can try to torpedo or delay things along the way.
CoreWeave Inc. (CRWV)
In other news, can Artificial Intelligence (AI) juggernaut CoreWeave Inc. (CRWV) get its sector back on the right track? The “neocloud” company builds and operates data centers that hyperscalers like Meta Platforms Inc. (META) rent computing power from.
It reports earnings after the bell and investors will be closely watching revenue and contract backlog growth. While CRWV had a successful Initial Public Offering (IPO) back in March, its shares got hammered last week as investors raised questions about the sustainability of AI growth and capex spending.
Finally, assets like gold and Bitcoin that had a rough go of late are powering higher to start the week. Bitcoin topped $106,000 in early trading – after dipping below $100K last week – while gold jumped more than $100 an ounce. It remains to be seen if these “alternative stores of value” can regain the momentum they had weeks ago. But including the recent rally, Bitcoin is up 13.5% year-to-date while gold is up 55.5%.
