Tale of the Tape
Happy freakin’ Friday. The major indices were pretty mellow, but stocks got silly.
The small caps closed strong after a sluggish start. 🐌 The Nasdaq also finished in positive territory.
Real estate, utilities, and communications were the only positive sectors. Financials fell 0.72%.
Did you buy the dip? 🤔 Ethereum jumped 12% and Bitcoin bounced 8%. The cryptos never close, so we’ll see what the weekend brings.
IBM and Intel both tumbled more than 9% after yesterday’s earnings. Will the stocks continue to drift lower? Time will tell…
Gamers rejoiced after $GME galloped 51%. The shorts had a rough day. See more on GameStop below. 🎮 🔥
$CLII climbed 65% after the SPAC announced its agreement with EVgo. Read the press release here.
Virgin Galactic gained 3% as $SPCE settled at its highest price since last February.
Here are the closing prints:
Stocks Got Silly
It was a freaky friday. Stocks got silly.
God bless the shorts — they got squeeeezed today.
GameStop soared 51% and closed at a new all-time high.
Check out the daily chart:
$GME is up 2,221% from its low close last year, which was also its all-time low. lol.
And here’s the wild weekly chart:
Palantir closed as the #1 trending stock on Stocktwits!! $PLTR propelled 25% and closed at an all-time high. Here’s the daily chart:
Stitch Fix sailed another 18%. $SFIX is now up 94% since the company reported earnings in early December. What a drift!! Here’s the daily chart:
Finance’s First Lady 👑
Today, the US Senate Finance Committee unanimously approved Janet Yellen’s nomination for Treasury secretary. If her nomination passes in the Senate, she’ll be the first woman Treasury secretary in US history. 🙌 👑
She’ll likely win the Senate’s approval, too, despite current tensions between Democrats and Republicans. In response to her nomination, Republicans have asked Yellen to work with them on developing her economic policies.
Republican Senator Mike Crapo commented:
I have very strong disagreements with Dr. Yellen on a number of her positions, particularly in the tax policy arena, but she has committed to us that she will work with us.
Considering Biden’s proposed $1.9T relief plan and $2T boost to US education, energy, and infrastructure, Finance’s First Lady will have more than enough on her plate. 🥗 💸
We wrapped up another week on Wall Street. Here are a few weekly charts for you viewing pleasure.
The Nasdaq Composite had the strongest weekly performance for the major indices. The Index increased 4% and closed at a new all-time high.
Here’s the weekly chart:
Communications was the strongest sector for the week. $XLC cruised 5.4% and closed at a new all-time high.
Here’s the weekly chart:
Crypto was crazy. Bitcoin traded in a 10K range, and Ethereum ticked a new all-time high. Here are the weekly charts:
Netflix gapped up to all-time highs after reporting earnings early in the week. Here’s the weekly chart:
A Sky-High Promise
Boeing announced today that it has officially committed to utilizing 100% sustainable fuels in its commercial airplanes by 2030.
Boeing CEO Stan Deal expanded on the company’s goal, saying:
Our industry and customers are committed to addressing climate change, and sustainable aviation fuels are the safest and most measurable solution to reduce aviation carbon emissions in the coming decades.
Currently, Boeing is already utilizing a 50/50 mix of biofuels and conventional jet fuel— the maximum allowed under the current regulations. For the future, the company’s exploring alternative fuels derived from vegetable oil, animal fats, sugar cane, and even trash. ♻️
Can Boeing come through? Time will tell.
Google just shut down Loon, its project that used huge balloons to deliver internet service to the world’s most remote regions. 🎈 🌎
Loon started in 2011. Google’s parent company, Alphabet, has been overseeing the project since— it was first launched in New Zealand in 2013 with the intention of virtually connecting billions of hard-to-reach communities, but things haven’t worked out.
Loon’s leader, Alastair Westgarth, said this about the project’s inability to sustain its high costs:
Developing radical new technology is inherently risky, but that doesn’t make breaking this news any easier.
We’re sorry to hear the news, since the idea of sending tennis-court-size, internet-providing balloons into the atmosphere is beyond cool. Check this out:
Put Away The Ketchup, He’s Not Done
Patrick Mahomes announced today that he has cleared all NFL concussion protocols and is ready to play against the Bills this Sunday. 🏈 In his press conference, he said:
Talking to all of the doctors and going through all of the testing, we have the belief that I’ll have no lingering effects and I’ll be able to go out there and be who I am.
That announcement definitely makes the game slate this weekend a bit more interesting, so don’t miss ‘em.
At 3:05pm EST on Sunday, Brady’s Bunch of Buccaneers will take on Rogers and the Boys for the NFC title. Following that, for the AFC title, Josh Allen and the Table-Breaking Bills will attempt to take down Mahomes and the Reigning NFL Champs at 6:40pm EST.
Links That Don’t Suck
🚕 Brutalist Architecture Informed Autonomous New Car for London Taxi
⚾️ Former MLB Home Run King Hank Aaron dead at 86
💰 Musk’s $100 Million Prize Is for Tech the World Desperately Needs