Tale of the Tape
Good evening, folks. We survived! If you’ve made it this far, it can only get better.
Once again, the Nasdaq was the weakest link as tech got smacked. Small-Caps rallied Friday to close the week near even. The S&P 500 outperformed as the value rally continued.
Bitcoin bounced back above $50k after weakening up in the week prior. Ethereum outperformed, even turning prior resistance from 2018 into support.
It’ll be a busy week for growth stocks – several high octane growth names are expected to report. Notably, Stitch Fix will report on Monday, Sonos Inc on Tuesday, Skillz on Wednesday, and DocuSign on Thursday.
Here’s the weekly S&P 500 chart:
And last week’s changes:
The crypto craze continues, but in ways you might not have thought. NFTs, or Non-fungible-tokens are unique collectibles purchased on the blockchain.
The NBA has raked in hundreds of millions on its NBA Top Shot platform. In the last week of February, over $150M in revenue of NFT highlight clips was done.
Kings of Leon will become the first band to release digital tokens for a new album.
Jack Dorsey is the latest to get involved, offering to sell his very first tweet as an NFT. The Twitter CEO shared a link to a platform named “Valuables” on Friday where his first tweet from March, 2006 is up for grabs.
The highest bid? A whopping $2.5M from Sina Estavi, Bridge Oracle’s CEO.
Is the newest crypto craze here to stay? Place your bets…
SPACs to the Skies
SPACs are taking flight. Joby Aviation, an electric air taxi start-up, is set to go public via SPAC for $6.6B.
The Santa Cruz-based company will list on the NYSE through merger with Reinvent Technology Partners, backed by Zynga founder Mark Pincus and LinkedIn co-founder Reid Hoffman.
Joby says it will launch a commercial service for transporting passengers by 2024. Here’s the Joby air taxi eVTOL pictured below:
Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of Reinvent Technology Partners said:
In Joby we see a remarkable founder-led team that has quietly delivered the most advanced technology we’ve seen in this sector. With valuable strategic partnerships including Toyota and Uber, a compelling business model and an unparalleled track-record of executing against its targets, we believe Joby is well-positioned to create a transformative new human-centered mobility network.
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The Week Ahead
And now a brief and well-organized look ahead at the trading week beginning Monday, March 8th, 2021:
3/10 Consumer Price Index (8:30 AM ET)
3/11 Jobless Claims (8:30 AM ET)
Here’s the full Economic Calendar provided by Briefing.
Be sure to know when your stocks are reporting. Here’s the earnings calendar: