The largest crypto platform Coinbase ( made its direct-listing IPO today, debuting on the Nasdaq. Analysts are calling it a form of “legitimizing” not only the platform but cryptocurrencies themselves among the “established” investment world. With presumed growth potential beyond its current role as crypto brokerage, COIN has claimed lots of headlines over the course of the day, finishing at $328.28 per share and a $62 billion market share. COIN Quick Quote COIN - Free Report) This is well off the day’s highs of nearly $430 per share — way above last night’s reference price of $250, but finishing somewhere in the middle. Coinbase analysts expect plenty of turbulence in COIN shares as the company finds its way through public trading. But clearly, those lucky enough to partake in pre-IPO prices of the stock are the ones who have cleaned up so far. It will be a matter of further analysis to see if the company has already reached a high near-term range. Stocks deflated in afternoon trading, closing mixed across markets, but again only modestly. The Dow finished in the green 0.16% while the S&P 500 — after several days in the past couple weeks setting new all-time highs — was -0.40% on the day. The Nasdaq fell 1% while the small-cap Russell 2000 gained 0.8%. Strength in Energy, up 3% on 4.6% gains in West Texas Intermediate (WTI) crude oil prices. Financials also performed well on notable Q1 earnings this morning from Goldman Sachs (, GS Quick Quote GS - Free Report) JPMorgan ( and JPM Quick Quote JPM - Free Report) Wells Fargo (. WFC Quick Quote WFC - Free Report) Not much by way of selling pressure brought any negative impact to this Hump Day: Consumer Discretionary, Communication Services and Tech all dipped 1% by the closing bell. Pulling back focus a bit, the S&P 500 is currently +10% year to date, less than half a point below all-time highs. The Nasdaq, for its part, is back to within 2% of its all-time high closing levels, which the index hasn’t seen since last autumn. Tomorrow morning, we continue toward the heart of Q1 earnings season, with bank majors Citigroup (and C Quick Quote C - Free Report) Bank of America (join BAC Quick Quote BAC - Free Report) Delta Airlines (reporting. For however much we’re already celebrating uncommonly healthy year-over-year comps with banks reporting, the Airline industry may prove to be an albatross around the neck of reporting season, at least for the current reporting quarter. DAL Quick Quote DAL - Free Report) Questions or comments about this article and/or its author? Click here>> Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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