The Market News Today: Reddit Shares Jump on OpenAI Partnership Announcement

Reddit Shares Surge 11% on OpenAI Partnership

Reddit shares surged 11% in extended trading after announcing a partnership with OpenAI. This collaboration allows OpenAI to train its AI models using Reddit’s content via their API. In return, Reddit will offer AI features to users and moderators, and OpenAI will become an advertising partner. This move comes after a broader meme stock rally and Reddit’s recent IPO, bringing the stock near its high of $65.11. CEO Steve Huffman highlighted the benefits of this integration. (CNBC)

Bitcoin ETF Volumes Hit 7-Week High

Bitcoin ETF volumes surged to nearly $6 billion, reaching levels last seen in March, as BTC neared $67,000. Data from Santiment showed the seven largest U.S. spot ETFs achieving $5.65 billion in volume. Hedge fund manager Thomas Kralow noted this activity as a positive market indicator. Grayscale Bitcoin Trust also saw renewed interest. Institutional adoption and Bitcoin exiting its halving period are driving bullish momentum, with BTC establishing $60K as strong support. (Cointelegraph)

CME Group to Launch Bitcoin Trading Amid Rising Demand

CME Group, the world’s largest futures exchange, plans to introduce bitcoin trading, targeting increased interest from Wall Street money managers. The move aims to capitalize on surging demand for cryptocurrency exposure. CME’s new spot trading platform will facilitate basis trades, a strategy popular among professional traders. This follows growing institutional acceptance of bitcoin, despite its recent price drop. CME, benefiting from renewed interest, now hosts $8.5 billion in bitcoin futures positions, doubling from last year. (Financial Times)

Dow Futures Flat After Brief 40,000 Milestone Touch

Dow Jones Industrial Average futures traded near flat on Friday after briefly hitting 40,000 for the first time on Thursday. The Dow ended the session down 0.1%, while the S&P 500 and Nasdaq Composite also retreated. Despite the slight pullback, the indexes are on track for weekly gains, driven by optimism around peak interest rates and AI advancements. The Nasdaq Composite leads with a 2.2% weekly rise, followed by the S&P 500’s 1.4% and the Dow’s 0.9%.

Oil, Gold Set for Weekly Gains Amid Inflation Optimism

Oil prices are set for weekly gains, with Brent crude up 1% and WTI up 1.4%, driven by improving global demand and slowing U.S. inflation. Gold is poised for a second consecutive weekly gain, fueled by expectations of potential Federal Reserve rate cuts this year. The dollar’s decline has made gold more attractive, with prices recovering nearly 5% over the past two weeks. Lower interest rates could further support demand for both commodities.