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 flirts with weekly lows near 1.1770

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to challenge the area of weekly throughs near 1.1770 on Thursday. The pair’s decline comes in response to marked gains in the US Dollar amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.