The cryptocurrency market witnessed significant volatility on October 28th, with Bitcoin soaring above $71,000 for the first time since June. Investors speculated on potential outcomes from the upcoming U.S. election, fueling a rally in crypto-related stocks during overnight trading.
Several prominent crypto companies experienced notable gains as traders reacted to Bitcoin's surge. MicroStrategy rose 4.2%, CleanSpark climbed 3.6%, Bitfarms increased 2.8%, Marathon Digital advanced 2.1%, Coinbase gained 1.6%, and Riot Platforms rose 1.3%.
The positive sentiment in the crypto market also benefited Trump Media & Technology, the social media company linked to former President Donald Trump. Following Trump's campaign rally in New York City, the company's shares surged more than 21%. Additionally, Rumble rose 3.7%, while Phunware fell 9.1%.
In the broader tech sector, Cadence Design raised its annual profit forecast, betting on the growing demand for its software used to design complex chips for generative AI applications. The company's shares climbed 6.3% in overnight trading.
However, not all stocks benefited from the market volatility. Ford saw its shares decline 5.6% as the automaker warned of hitting the lower end of its full-year profit guidance due to a pricing war impacting its bottom line.
Meanwhile, VF Corp, the parent company of The North Face and JanSport, surged 24.1% after reporting better-than-anticipated earnings for the fiscal second quarter and announcing a quarterly dividend.
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