This morning Dow and S&P futures are showing moderate losses while Nasdaq is slightly green. The market has a lot to process lately. Tension is building on news of escalating trouble between the U.S. and China plus surging Coronavirus deaths. Recovery has occurred thus far despite worsening circumstances and there seems to be very little memory from day to day. It will be interesting to see how the story unfolds.
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Bullish news has one company blinking on our radar. This morning Spotify Technology (SPOT) confirmed a new multi-year licensing deal with Universal Music Group.
“As music’s most innovative company and one of Spotify’s earliest supporters, UMG will deepen its leading role as an early adopter of future products and provide valuable feedback to Spotify’s development team,” the companies said in a press release.
Universal will serve as a testing and development partner for various tools and services that Spotify wants music-industry players to pay for. With streaming music growing in popularity, this deal could mean a growth spurt for the company and gains for SPOT stock.
Yesterday SPOT price took a 5% hit. This morning in pre-market trading it’s making up for some of that loss, up 2.7%. Over the past 3 months the stock has gained 98%. This bullish news could keep the upward momentum going.