DWAC Stock Forecast: Digital World Acquisition extends declines despite market rally

NASDAQ: DWAC fell by 2.71% during Tuesday’s trading session.
Elon Musk’s Twitter will have all of the free speech Truth Social claims to offer.
Trump’s Supreme Court nominees vote to overturn the Roe vs Wade case for women’s rights.

Stocks Reporter FXStreet

NASDAQ: DWAC dropped lower for the second straight day to start May, even after opening the session in the green. On Tuesday, shares of DWAC fell a further 2.71% and closed the trading day at $46.61. The markets were choppy to say the least as all three major indices flip flopped between red and green throughout the day. Inventors were undecided ahead of a key FOMC rate hike that is widely expected for later this month. The Dow Jones gained 67 basis points, the S&P 500 added 0.48%, and the NASDAQ rose by 0.22% during the session.

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If Elon Musk is able to deliver on all of his promises for free speech on Twitter (NYSE: TWTR), then Truth Social’s main advantage might be lost. Musk has even gone as far as to lift the ban on former President Trump’s account, although so far Trump has declined his offer. It is unclear as to how Musk will be able to implement his vision of free speech on the platform, but it will likely include removing some of the various reasons as to why Twitter users can find themselves blocked.

DWAC stock price

In a controversial and leaked decision, it appears that the US Supreme Court will be striking down the precedent-setting Roe vs. Wade case. The decision allowed American women to have control over the decision to legally seek out an abortion. The leak has created a public outcry from a large number of Amercians including Hilary Clinton and President Biden himself. It has been pointed out by several news sources that Trump’s Supreme Court nominees have all voted in favor of striking down Roe vs. Wade.

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Stocks Reporter

FXStreet

EUR/USD stabilizes near 1.1800 as markets focus on geopolitics

EUR/USD stays defensive around 1.1800 in the second half of the day on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony failed to impress Euro bulls.

GBP/USD holds above 1.3500, struggles to gain traction

GBP/USD rebound from session lows but stays below 1.3550 on Thursday. The cautious market stance helps the US Dollar stay resilient against its rivals and makes it difficult for the pair gather recovery momentum. Investors await headlines that will come out of the US-Iran nuclear talks.

Gold clings to small gains near $5,200 ahead of US-Iran talks

Gold trades marginally higher on the day above $5,150 on Thursday as investors refrain from taking large positions. The US and Iran will hold the next round of nuclear talks in Geneva on Thursday, outcome of which could have significant implications for risk perception.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.