Crypto Stocks Surge as Clarity Act Momentum Grows

The recent price swings in various sectors have continued to intensify, with some stocks breaking out of their recent uptrend. Discount trading firms Robinhood (HOOD) and Futu Holdings (FUTU) are among those that have seen significant gains, rising 13% and an unspecified amount respectively in the last week.

The renewed momentum for the U.S. Clarity Act, which regulates cryptocurrencies, has contributed to the surge in these stocks. Higher crypto trading volumes would increase revenues for Robinhood and Coinbase (COIN), whose stock jumped by 25.6% in the last week.

In contrast, Marvell Technology (MRVL) fell to its 50-day moving average, down by 5.57% last Friday. The firm is expanding its range of custom silicon programs that attach to Alphabet's (GOOG) TPU chip, including AI inference accelerators and near-memory compute.

Edison International (EIX), meanwhile, has revisited the $70 lows after being linked to California's Eaton fire. The company took responsibility for the fire and offered more than $775 million in funds to support the Wildfire Recovery Compensation Program.