bitcoin-price-passes-$50,000:-what-to-watch-when-the-stock-market-opens-today

Bitcoin Price Passes $50,000: What to Watch When the Stock Market Opens Today

Facebook is ticking higher after its services were restored; Amplify Energy is edging up after Monday’s rout

Stocks of bitcoin miners were climbing alongside the cryptocurrency.



Photo:

Michael Nagle/Bloomberg News

Bitcoin is on the rise and stock futures are up, a day after a selloff among major technology firms dragged down broader indexes. Here’s what we’re watching as we get ready for Tuesday’s trading session.

  • Bitcoin’s dollar value cracked $50,000 for the first time in a month, rising 2.2% to $50,120.50 from its 5 p.m. ET level Monday, according to data from CoinDesk. Shares of cryptocurrency companies also gained, with Coinbase Global up 1%. Bitcoin mining companies Hut 8 Mining and Marathon Digital Holdings added more than 2% each premarket.
  • Facebook ‘s shares are up 1.2% premarket after the social media company restored services that went offline for as much as six hours Monday in an extended outage that disrupted access for users and businesses around the world. Facebook whistleblower Frances Haugen is set to testify before Congress on Tuesday.
  • Shares of Amplify Energy rose more than 6% premarket Tuesday after losing nearly half their value Monday. Amplify, a Houston-based oil and natural-gas company, said it has shut down all of its production and pipeline operations in the area as a precautionary measure after a major oil spill at the company’s platform off the coast of Orange County, Calif., over the weekend.
  • Comtech Telecommunications ‘ shares plunged more than 12% premarket after it reported quarterly earnings and said its chief operating officer would become chief executive.
  • Shares of Duckhorn Portfolio added more than 5% in premarket trading after the wine company’s financial guidance for the current year beat Wall Street expectations.
  • PepsiCo shares edged up 1.2% after the food-and-beverage company said its revenue rose for the recent quarter, though profit fell, while it navigates a volatile supply-chain and cost environment.
  • Shares of energy companies gained as Brent crude, the international benchmark, rose 1.2% to $82.24 a barrel—its highest level since 2018. Occidental Petroleum shares added 1.9%, and shares of Marathon Oil gained 2.5%.
  • Earnings are due from Saratoga Investment after the close.
Chart of the Day
  • Cotton futures are trading at their highest price in about a decade, with growing Chinese demand being met in part by rising U.S. exports to China, a curiosity of Trump-era trade-war policies.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

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