The cryptocurrency market experienced significant volatility, leading to mixed trading for crypto-related stocks in the overnight session on October 28th. As Bitcoin surged above $71,000, investors speculated on potential outcomes from the upcoming U.S. election, fueling trading activity in the sector.
Several prominent crypto stocks saw substantial movements, with MicroStrategy rising 4.2%, CleanSpark up 3.6%, Bitfarms gaining 2.8%, and Marathon Digital climbing 2.1%. Meanwhile, Coinbase advanced 1.6%, and Riot Platforms rose 1.3%.
In a separate development, shares of Donald Trump's social media company, Trump Media & Technology, surged more than 21% on Monday, following the Republican presidential nominee's campaign rally in New York City. Similarly, Rumble rose 3.7%, while Phunware fell 9.1%.
In the broader tech sector, Cadence Design raised the midpoint of its annual profit forecast, betting on the boom in generative AI to drive demand for its software used to design complex chips. The company's shares climbed 6.3% in overnight trading.
However, Ford saw its stock drop 5.6% as the automaker warned of hitting the lower end of its full-year profit guidance, citing a pricing war that hit the company's bottom line.
On the positive side, 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.
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