The pound’s value compared to the dollar has sunk to its lowest point in more than 30 years, crude oil prices dipped and the U.S. stock market had a tough Tuesday overall. The S&P 500 dipped 0.7% Tuesday, while the Dow Jones Industrial Average declined 0.6%.
A couple of stocks could rise above the fray in what could be an equally difficult Wednesday, including Qorvo Inc (NASDAQ:QRVO), though Twitter Inc (NYSE:TWTR) might not be so lucky. Meanwhile, the SPDR Gold Trust (ETF) (NYSEARCA:GLD) could get yet another lift.
Here’s what you should know heading into Wednesday’s trade.
SPDR Gold Trust ETF (GLD)
The GLD was poised to continue its post-Brexit run on Wednesday thanks to a rally in gold that’s seeing the yellow metal hit highs last seen in 2014.
Among the catalysts this morning? Returned fears over Brexit fallout, not to mention more potential European turmoil in the form of Italian financial woes, which helped trigger a selloff in Asian stocks and non-precious metals. Specifically in the U.K., the past day or so has seen three British commercial property funds freeze trading.
Spot gold and gold futures were up nearly 1% apiece.
The GLD is on a nearly 10% run over the past month and up nearly 30% for the year-to-date. It’s currently in the middle of a bounce off its 50-daay moving average, with the next point of price resistance coming around $133 — its 2014 high point.
Qorvo Inc (QRVO)
Qorvo shares were on the move as Apple Inc. (NASDAQ:AAPL) amid a report that the next iPhone could feature a lot more storage.
The earliest version of the iPhone that you can buy will now come equipped with 32GB of space, eclipsing the previous 16GB of space offered by the company, sources told the Wall Street Journal.
Semiconductor company and Apple supplier Qorvo is benefiting from the move, helping to drive QRVO stock up 2% in Wednesday’s premarket trading.
Qorvo could use the lift, as shares are off more than 11% in less than two weeks of trading.
Twitter Inc (TWTR)
TWTR is middling amid what looks to be a broader down day, but nonetheless, investors should be excited with the addition of a industry veteran to Twitter’s board of directors.
Former Facebook Inc (NASDAQ:FB) and Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) exec Bret Taylor is the latest addition of the social media site’s board. He was Facebook’s CTO from 2009 to 2012, and played an important role in helping Facebook acquire FriendFeed, a social media aggregator.
He was no slouch at Google, either, helping create Google Maps.
TWTR shares are off 26% for the year-to-date, but are enjoying a summer rebound, with the stock up nearly 12% over the past month.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
