RH - Hot Stocks: Crypto stocks fall; DCT RH drop on weak guidance; JKS sets 52-week high

The last day of June saw another drop on Wall Street, with the S&P 500 recording the worst first half of a year since 1970. The index declined about 0.9% to close below 3,800, while the Nasdaq led the day's slide, falling by 1.3%.

Beyond the stock market, selling also gripped the cryptocurrency space. With Bitcoin ( BTC-USD ) dropping below $19K, stocks like MicroStrategy Inc. ( MSTR ), Coinbase Global ( COIN ) and Riot Blockchain ( RIOT ) all posted notable losses.

Earnings news induced declines elsewhere in the market. Duck Creek Technologies ( DCT ) dropped following its quarterly results, while reduced guidance put pressure on RH ( NYSE: RH ).

On the other side of the spectrum, JinkoSolar ( JKS ) resumed its recent upswing, powering to a new 52-week high.

Sector In Focus

Another weak day in the crypto market sparked further selling in stocks dependent on the asset class. The slide came as Bitcoin ( BTC-USD ) dropped nearly 8% to fall below $19K.

With the slide, MicroStrategy Inc. ( MSTR ), a software company that has significant Bitcoin holdings, represented one of the highest-profile decliners in the crypto-related group. The stock dropped nearly 9% on the day.

Meanwhile, Coinbase Global ( COIN ) declined more than 5%, while Riot Blockchain ( RIOT ) retreated nearly 7%.

In other crypto news, Grayscale filed a lawsuit against the U.S. Securities and Exchange Commission after the regulatory body rejected the application for Grayscale's spot Bitcoin ETF.

Standout Loser

Duck Creek Technologies ( DCT ) faced significant selling pressure following the release of its quarterly results . The stock retreated 19%.

The provider of software for the insurance industry beat expectations with its latest results. However, the company also cut its full-year revenue forecast.

DCT retreated $3.56 to close at $14.85. Shares also touched an intraday 52-week low of $13.44. Looking longer-term, shares have lost nearly two-thirds of their value over the past year.

Notable New High

Bouncing back from a dip seen the previous session, JinkoSolar ( JKS ) pushed higher on Thursday, resuming the upward momentum it has seen since the first half of May. The stock rose almost 8% on the session to set a fresh 52-week high.

JKS finished trading at $69.18, an advance of $4.95 on the session. During the day, the stock also reached an intraday 52-week high of $69.69.

With the advance, JKS built on recent gains, climbing about 52% since May 11.

Notable New Low

A weak forecast prompted a wave of selling in RH ( RH ). The stock plunged nearly 11% on the day, pushing to a new 52-week low.

The home furnishings retailer cut its fiscal 2022 forecast , blaming macroeconomic factors that have dented consumer demand. The company now sees revenue falling between 2% and 5% for the year. Previously, the firm had predicted breakeven or slight growth.

"With mortgage rates double last year's levels, luxury home sales down 18% in the first quarter, and the Federal Reserve's forecast for another 175 basis point increase to the Fed Funds Rate by year-end, our expectation is that demand will continue to slow throughout the year," RH CEO Gary Friedman said.

Dragged down by the news, RH dropped to an intraday 52-week low of $207.37. Shares trimmed their losses by the close but still finished lower by $24.97. The stock closed at $212.26.

Thursday's retreat added to a longer-term retreat. Shares have fallen 61% so far in 2022.

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