US Stock Papertrading Weekly Leaderboard: Who are topping the Week 3 chart?

As the 2024 Papertrading Challenge continues, we're eager to share the current standings on the Australian stock papertrading leaderboard.

Last week, $Dow Jones Industrial Average(.DJI.US)$fell by 2.33%, $S&P 500 Index(.SPX.US)$ rose by 0.03%, and $Nasdaq Composite Index(.IXIC.US)$ increased by 1.41%, with both the S&P 500 and the Nasdaq marking their fifth consecutive week of gains.

Among last week's winners, several chose Bitcoin-related sectors, such as investments in digital currency concept stocks like $Coinbase(COIN.US)$ and $MicroStrategy(MSTR.US)$.

On May 23rd, the SEC approved the Form 19b-4 for Ethereum spot ETFs from eight institutions, including $Fidelity National Information Services(FIS.US)$, $Blackrock(BLK.US)$, and ARK. Spot ETFs have been a major driving force for capital and sentiment in the crypto market this year, and since the approval of the U.S. Bitcoin spot ETF in early January, the price of Bitcoin has risen by more than 40%, leading to a significant increase in digital currency concept stocks. Investors can track the key milestones following the 19b-4 approval; the current approval document is Form 19b-4, while subsequent product listings still require approval of Form S-1/S-3.

$NVIDIA(NVDA.US)$ was the most eye-catching stock last week, with a 15% increase. Winners holding NVIDIA saw strong performance in their assets. NVIDIA's first-quarter sales and profits exceeded expectations, and the company made robust predictions for the second fiscal quarter. It also announced a 1-for-10 stock split effective June 7, 2024, and raised the quarterly cash dividend from 4 cents per share to 10 cents per share. As NVIDIA approaches $1,000 per share, these announcements are significant in fostering more active trading and encouraging participation from retail investors, also acting as a major catalyst for stock price.