Coinbase Global will become the first crypto company included in the S&P 500 on May 19, 2025, replacing Discover Financial Services. The news sent Coinbase shares up 11% in after-hours trading, despite a challenging year marked by a 41% decline due to broader market pressures. CEO Brian Armstrong hailed the inclusion as proof that ‘crypto is here to stay,’ while also hinting at future ambitions like the ‘COIN50’ index. Though Coinbase reported a disappointing Q1 with net income dropping sharply, revenue grew 24% year-over-year. The firm also announced a $2.9 billion acquisition of Dubai’s Deribit, the largest crypto deal to date.
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Coinbase Joins S&P 500, Boosting Crypto Market Credibility
Coinbase Global (COIN) will be added to the S&P 500 index on May 19, as announced by S&P Global. This inclusion follows the removal of Discover Financial Services (DFS) due to its acquisition by Capital One Financial Corp. The S&P 500, a benchmark index tracking 500 of the largest U.S. publicly traded companies, will now feature a major crypto exchange, potentially increasing demand for COIN shares as index funds and ETFs adjust their holdings. This move underscores the growing mainstream acceptance of cryptocurrency-related businesses in traditional financial markets.
read moreCoinbase Joins S&P 500, Shares Surge 8% After-Hours
Coinbase’s stock (COIN) surged 8% in after-hours trading following the announcement of its inclusion in the S&P 500, set to begin trading on the index on May 19. The Nasdaq-listed shares climbed to $225 after-hours, building on a 4% gain during the regular session. Coinbase will replace Discover Financial Services (DFS) as Capital One finalizes its acquisition of Discover. This milestone underscores crypto’s deepening integration into mainstream financial markets.
read moreBank Sued After Over 200000 Missing from Deceased Man’s Account
A lawsuit has been filed against FirstBank after over $200,000 was allegedly withdrawn from the account of deceased John Lindy Steward. The estate’s executor, Reverend Arlington Chaseau, claims the bank failed to freeze the account after being notified of Steward’s death in May 2021, allowing unauthorized transactions to occur. The bank has acknowledged potential fraud and is investigating a former teller suspected of embezzling funds since 2017, who was arrested in January 2025.
read moreUS Credit Card Defaults Reach 14 Year High Amid Consumer Financial Strain
US lenders have incurred $46 billion in losses due to a surge in credit card defaults, reaching a 14-year high. Capital One leads with $7.68 billion in delinquencies, followed by Citibank and Synchrony Bank, as consumer finances strain under high inflation and rising interest rates.
read moreStock Market Gains in November Led by Apple and Tesla
The S&P 500 and Dow closed November with significant gains, marking the Dow’s best month of 2024 with a 7.5% increase. Apple rose 1.1% as it aims to attract holiday shoppers with new AI features, while Tesla surged over 38% for the month, bolstered by CEO Elon Musk’s political ties. Global markets showed mixed results, with Tokyo’s Nikkei 225 declining due to rising inflation, while Chinese markets advanced on retail gains following a government meeting to boost consumption.
read moreStock Market Today: Key Earnings, Jobless Claims, and Semiconductor Rally
Stock market today: Dow Jones hits new high, while S&P 500 and Nasdaq composite sell off. Nvidia and Tesla rally, while chip stocks suffer. Key earnings movers include Alcoa, Discover, Domino’s, D.R. Horton, and United Airlines. Weekly jobless claims and Philadelphia Fed Manufacturing Index expected. Key stocks to watch: AppFolio, NXP Semiconductors, Palantir Technologies, Toast, Amazon, American Express, Apple, Goldman Sachs, and Microsoft. For more details, visit Bloomberg.
read moreThe Potential Impact of Trump’s Presidency on the Stock Market
The market’s tone could change if Trump becomes president, as he closely associates stock performance with his job approval. His administration’s stance on mergers, gas and oil, and trade regulations could impact companies like Kroger, Tapestry, New Fortress Energy, and Nike. Trump’s keen interest in the stock market is expected to influence his policies if elected.
read moreStocks Decline as Tech Sector Weighs on Wall Street Amid Earnings Reports
Technology stocks, particularly chipmakers, led Wall Street lower as Nvidia’s upcoming earnings report loomed. The S&P 500 and Dow Jones fell, with the Nasdaq hit hardest. Retailers presented mixed earnings, with Walmart rising and Home Depot remaining mostly unchanged. The market’s recent fall was attributed to concerns about persistent inflation, delaying expectations for a Federal Reserve interest rate cut. Bond yields fell slightly.
read moreStocks Fall on Wall Street as Investors React to Economic Reports
Stocks fell on Wall Street as the S&P 500 slipped 0.6%, with technology stocks and big retailers driving the losses. Expectations for Federal Reserve interest rate cuts have been pushed further out into 2024, leading to concerns about inflation and impacting the broader market. Bond yields fell, and markets in Europe were mixed while those in Asia were mostly higher. Companies across industries are reporting their latest earnings, providing insight into the economy’s path ahead.
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