Buying Penny Stocks on June 30th? Here’s What You Need to Know
If you’re looking to buy penny stocks on June 30th, there are a lot of things to understand. Right now, we have many factors that are at play. The bulk of this has to do with rising inflation and subsequent climbing interest rates.
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This has caused a major amount of volatility and large market fluctuations. So, to understand how to find penny stocks that are worth buying, we have to take a closer look at what happened with penny stocks and blue chips on June 29th.
Stock Market Recap, June 29th, 2022
On June 29th, we saw the stock market stay mostly flat. This is likely the result of a key inflation metric that comes out on Thursday, June 30th. As stated earlier, investors continue to track inflation as the main cause of market movement.
And, with the S&P 500 and NASDAQ Composite dropping by around 0.1% and 0.03% respectively, we should make sure to understand exactly what is going on in the stock market moving forward. With this in mind, here’s what we need to know about trading penny stocks on June 30th.
What to Know About Trading Penny Stocks on June 30th
On June 30th, we could see the market climb or fall based on news that comes out regarding inflation. On Wednesday, Jerome Powell, the Fed Chair, reiterated that the government is doing all it can to reduce inflation.
Right now, economists are looking at a potential 0.4% monthly increase in PCE, which would be a 4.8% YoY increase. So, keeping mind that this metric is crucial and will be a major player in the market tomorrow. Considering this, here are three penny stocks to watch today.
3 Penny Stocks to Watch Today
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
- Inpixon (NASDAQ: INPX)
- Jaguar Health Inc. (NASDAQ: JAGX)
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
One of the largest gainers on June 29th was CSCW stock. On the 29th, the company saw its shares shoot up by over 1.8% and during after hours, CSCW stock exploded by more than 40%. The most recent news from the company came on June 16th. On the 16th, it stated that its meta verse platform is officially online.
Now, members are able to log in and take advantage of this new and budding technology. Since it launched this app, the company has been working on new updates and innovations. So, with this exciting news in mind, do you think CSCW stock is worth adding to your list of penny stocks to buy or not?
Inpixon (NASDAQ: INPX)
On June 29th, INPX stock managed to shoot up by over 13% and another 4% in after hours trading respectively. On June 13th, the company announced that it joined the SAP Partner Program. The company states that the SAP partner program will allow its INTRANAV to share its intellectual property portfolio.
“Companies can benefit from location-based automation of system bookings, control and acceleration of warehouse processes from inbound to outbound, synchronization of production cycles, and control of transport conditions and shipments for resilient supply chain management.”The EVP of IIoT at Inpixon, Andreas Radix
Jaguar Health Inc. (NASDAQ: JAGX)
With over 5% in gains during trading and after hours, JAGX is another penny stock that is seeing heightened popularity right now. In the past five days, JAGX stock has climbed by more than 6%.
On June 29th, Jaguar announced that it has entered into a definitive agreement with SynWorld Technologies Corp. This is a license, commercialization, and services agreement that will offer $5 million from the Licensee. With this very exciting news in mind, does JAGX stock deserve a spot on your penny stocks watchlist?
Which Penny Stocks Are You Watching?
Finding penny stocks that are worth buying in 2022 can be tricky. But, with so many penny stocks to choose from, investors can have a much easier time picking the ones that are worth it. Considering that there is plenty of movement to take advantage of, investors need to understand catchy what is going on in the stock market. With this in mind, which penny stocks are you watching today?