Jul 05, 2022 (Penny Stocks via COMTEX) -- Buying Penny Stocks on July 5th? Here's What You Need to Know
With the first day of the month starting off strong, there is a lot for investors to know right now. Although trading penny stocks is not easy, it can be profitable if done correctly.
And, as a result of the sheer amount of movement in the stock market right now, investors need to have a thorough understanding of what is going on. This is the best way to have a heightened chance of profitability. Considering all of this, let's take a look at what you missed in the stock market on July 1st.
On July 1st, the stock market saw a major rally, with the Dow climbing by over 300 points. In addition, the S&P 500 climbed by over 1.1% with the NASDAQ up by over 0.9%. All of this is good news, however, it does come after several weeks of bearish trading. Because of this, it is unlikely that we will all of a sudden see a major bullish turnaround across the board.
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Rather, this could be momentum simply from a new month starting or investors trying to capture certain stocks at low prices. With this in mind, here's what you need to know about trading penny stocks on July 5th.
As stated earlier, although we did see sizable bullish sentiment on July 1st, its is unlikely we will see overall bullish movement moving forward. Rather, investors should use some cautious optimism about the future. Because, we still do have several negative factors at play.
This includes rising inflation and the potential of a recession on the horizon. Now, this does not discount the positivity of the last day or so, but it is worth considering. With this considered, let's take a look at three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
Mega Matrix Corp. ( NYSE: MTMT )
Doma Holdings Inc. ( NYSE: DOMA )
Sonder Holdings Inc. ( NASDAQ: SOND )
Mega Matrix Corp. /zigman2/quotes/201376403/composite MTMT +2.20%
One of the larger gainers on July 1st was MTMT stock. At EOD, shares of MTMT had shot up by more than 22% with a 5% after-hours gain. This is a sizable uptick for the company and one that comes after a one-month climb of more than 55%.
While shares of MTMT stock have lost in the past six months, this recent upward trend is encouraging for investors. The most recent news from the company came a few months back, so it is difficult to understand why shares of MTMT are climbing. Regardless, it could be worth adding to your penny stocks watchlist moving forward.
Doma Holdings Inc. /zigman2/quotes/224084230/composite DOMA +4.12%
Despite dropping by over 15% on July 1st, shares of DOMA stock managed to climb by more than 5% in after-hours trading. In the past month, shares of DOMA stock have fallen by more than 55%, which is not encouraging. So, to understand whether or not Doma Holdings is worth buying, we have to take a look at its most recent news.