Did You Buy The Dip?

Tale of the Tape

Good evening, folks. Mondays can be tough— and today was certainly no exception.

The Nasdaq dropped 2.5%, its worst day since January 27th. The Dow barely closed in positive territory.

Energy gained 3.5%. ⚡ $XLE closed at its highest price since February 26, 2020. See more below.

Financials flew 0.99%. Tech and consumer discretionary both tumbled more than 2%— utilities lost 1.95%.

Bitcoin collapsed 11K intraday, only to bounce back up. $BTC.X fell from 57,500 to 46,700 in just a few hours. 🤯 The crypto currently sits ~54,000. Here’s the 5-minute chart:

Regional Banks rallied. $KRE closed at its 4th-highest price of all time. 💸

Solar stocks struggled as $TAN closed its lowest price of the year. Even Tesla tumbled 8.5%. It happens. 🤷

Mickey marched 4.42% as $DIS ripped to a new all-time high.

Caterpillar and Deere followed through on Friday’s gains. $CAT carried 3.9%. $DE dashed 2.3%.

Here are the closing prints:

S&P 500	3,876	-0.77%
Nasdaq	13,533	-2.46%
Russell 2000	2,251	-0.69%
Dow Jones	31,521	+0.09%

Are We Open?

Energy, airline, and cruise stocks took off. Maybe we’re about to reopen??? 🤞🚢 ✈️

Energy ETF $XLE accelerated 3.5% and closed at its highest price since February 26, 2020. The ETF is up 66% since November 1, 2020, but it’s still down more than 20% since January 1, 2020. Here’s the daily chart:

The airlines have rallied all but 3 days in February. $JETS jumped another 3.5%. But similar to $XLE, it’s still down ~20% from its 2020 high.

Here’s the daily chart:

And here’s the daily performance of notable airlines and cruise lines:

American Airlines – $AAL △ 9.42%
Delta Air Lines – $DAL △ 4.53%
Southwest Airlines – $LUV △ 3.75%
United Airlines – $UAL △ 3.48%
Carnival Corporation – $CCL △ 5.61%
Norwegian Cruise Line Holdings – $NCLH △ 6.37%
Royal Caribbean Group – $RCL △ 9.33%

Top Volume, Top Price, Top Shot

HE’S ON FIRE!

NBA Top Shot, the blockchain-based NFT collectible site, recorded more than $34M in sales today. This volume came from 139k trades— just one day after breaking $100M in total sales. Woah.

If you’re confused, NFTs are non-fungible tokens, meaning each token (or ‘moment’) is unique, and stored in the blockchain. These ‘moments’ can’t be duplicated or copied. Basically, it’s like basketball cards and Bitcoin had a baby. 🐣

NBA Top Shot allows users to purchase ‘moments’ in packs. You can either hold them or choose to list on a virtual marketplace. The best part? Top Shot receives 5% of all second-hand purchases too. 🤭

What do you think? Are NFTs a slam dunk? 🏀 Place your bets…

“They Wanna Knows My Role Model…”

“…It’s in a brown bottle.”— 2Pac

Hennessy and its parent company (LVMH Moët Hennessy Louis Vuitton SE) have always been tied to hip hop culture. Today, the brands purchased half of Jay-Z’s champagne brand, Armand de Brignac. 🥂 💎

Jay-Z (aka Shawn Carter) said the investment aims to expand his brand using LVMH’s distribution network and industry connections… though the star admitted he’s new to the business:

We were working really hard to maintain a brand that was growing faster than the staff we had and bigger than some of the expertise we had. We’d been in this 15 years, not a hundred.

This deal goes to show that Hova isn’t a businessman, he’s a business, man! 😎

41 Years Ago, Today 🏒 🏆

41 years ago today, the United States’ Olympic hockey team beat the USSR in what we now call The Miracle on Ice. 😤 🏆

The US’ team of college athletes pulled a 4-3 win in the third period with huge help from goaltender Jim Craig’s 36 saves. When the game ended, USA fans filled Olympic Town’s streets, chanting “USA! USA! USA!” 🇺🇸

US Hockey Coach Herb Brooks had this to say about the momentous moment:

In all due respect to that team and to the (American) silver medal team in 1972, this has to be the biggest win in our Olympic history.

The game inspired Disney’s legendary documentary, Miracle. You should watch it today in commemoration. 😉 🏒

$SPOT Got Hawt

Spotify announced its expansion to 80+ new markets across Europe, Asia, Africa, the Caribbean, and Latin America. The rollout is coming soon, and it’s expected to reach over a billion people globally. 🌍 🎵

The company also unveiled Spotify Hifi, a new subscription tier for high-quality audio. Hifi will launch later this year in select markets.

But that’s not all— Higher Ground Productions, Barack and Michelle Obama’s production company, disclosed a new Spotify show with Bruce Springsteen. It’s called “Renegades: Born in the U.S.A.” 🇺🇸

Spotify’s Chief Premium Business Officer, Alex Norstrom, said:

Together these markets represent more than a billion people, with nearly half of them already using the internet. Some of the places we’re going, like Bangladesh, Pakistan and Nigeria, have the fastest-growing internet populations in the world.

$SPOT ticked an intraday all-time high of $387.44 before flipping the switch and flopping lower. Here’s the daily chart: