Selling the Tesla stock surge, Chewy gets the GameStop treatment, Bitcoin bleeds: Markets news roundup

As Tesla’s stock is surging, Ark Invest, led by Cathie Wood, has made significant adjustments to its portfolio by selling off a substantial number of Tesla shares.

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The stocks of pharmaceutical giants Novo Nordisk and Eli Lilly both took a hit Tuesday morning after President Joe Biden called on the drug makers to cut the prices of their blockbuster diabetes and weight loss drugs.

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Chewy stock climbed as much as 20% in pre-market trading Monday, thanks to a newly-disclosed show of support from meme stock booster “Roaring Kitty.”

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A cryptocurrency exchange that went bankrupt a decade ago due to a hack is preparing to refund $9 billion worth of Bitcoin this month, sparking concerns among investors about its potential impact on Bitcoin’s price.

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Robinhood is looking to offer cryptocurrency futures to its customers in the U.S. and Europe, Bloomberg reports.

The trading platform that acquired U.K.-based crypto exchange Bitstamp for $200 million last month is planning to close the deal next year. The platform hopes to use Bitstamp’s licenses to offer perpetual futures for Bitcoin and other tokens in Europe, per the report. This information comes from anonymous sources, as the plans have not been made public, according to Bloomberg. Robinhood intends to introduce CME-based futures for Bitcoin and Ether in the U.S. They also mentioned that there are no immediate plans to launch the offering, and discussions are ongoing, so final plans could change.

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Bitcoin is bleeding as defunct crypto exchange Mt.Gox has started repaying its customers — and it’s likely that some of those customers have begun selling that Bitcoin. The leading cryptocurrency traded around $55,000 Friday morning, after falling more than 4% in a day and losing more than 10% in a week, according to CoinMarketCap. 

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Generation Z believes that the economy is so stacked against them that committing fraud is justified, according to a new report.

Sift, an AI-powered fraud decisioning platform, released its Q1 report showing a third of Gen Z either knows someone who has committed first-party fraud or done so themselves.

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One thing that is dominating the U.S. stock market in 2024 is artificial intelligence and AI. All of the major tech companies have thrived on AI and will most likely continue to do so in the near future.

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Shelby McFaddin of Motley Fool Asset Management breaks down why stocks like Apple, Nvidia, and Microsoft could continue to see gains for the rest of 2024

Shelby McFaddin of Motley Fool Asset Management breaks down stocks to buy for the second half of the year, including Netflix, Walmart, Costco, and Mastercard