Tale of the Tape
Good evening, y’all!! We survived another wild week on Wall Street. Cheers to that! 🥂
The market of stocks marched higher on this fine Friday. Every major index gained at least 1%. The Russell 2000 rallied 2.47%, followed closely by the Nasdaq Composite.
Every sector surged higher. Energy was the strongest— $XLE advanced 3.1%. Tech turned up 2.2% today, but $XLK was still down 2.2% on week. See the weekly candles below. 🕯
Bitcoin bopped around 50K while Ethereum etched up ~8%.
DoorDash dashed 22% after last night’s earnings. The stock saw its 3rd-heaviest volume day since its December debut.
Here’s the daily chart:
Disney dropped 2.6% after last night’s earnings. It was the second-worst stock in the S&P 500.
YETI yeeted another 3.18% and closed $1.23 off its all-time high. Will the cooler company break out to blue sky? ☀️ ☁️ Time will tell…
Regarding non-market-related news— J. Cole dropped an album. Go ahead and give The Off-Season a listen during our weekend rest. He didn’t miss. 🔥
Here are the closing prints:
Weekly Candles 🕯
We saw quite the whipsaw in the market this week. We’ll start with the S&P 500 weekly heat map:
The Nasdaq Composite is still in chop fest. What a mess.
Tech tumbled for its 4th-straight week, but bounced back to close the week. Will $XLK snap the streak??
Bitcoin broke below 50K for the first time since late-April. $BTC.X has flagged out since February.
Ethereum etched higher for its 7th-straight week. Can this crypto continue to crank higher?? Time will tell…
Tesla tumbled 12% and was the second-worst stock in the S&P 500 this week. Will Elon’s EV maker find its footing? Place your bets…
To Mask or Not to Mask?
Recently, the CDC and President Biden announced:
If you are fully vaccinated, you no longer need to wear a mask… Get vaccinated – or wear a mask until you do.
The CDC also said fully vaccinated people no longer need to socially distance during indoor or outdoor activities. But how is America responding to the mask updates?
Companies have mixed reactions. General Motors and Toyota, for example, will continue requiring masks until further guidance from the Occupational Safety and Health Administration. Walmart and Kroger will also continue mandating masks and practicing social distancing. Trader Joe’s, however, said it would drop mask mandates for vaccinated shoppers. 😷 💭
Here’s the WSJ with more on state and city mask ordinances.
So Long, Sherry 👋
Another one bites the dust. 😤 Sherry Ann Mohan, CFO of Goldman Sachs’ consumer business, is leaving Goldman to join JPMorgan instead.
The move comes as several other top Goldman Sachs executives also leave to join consumer banking businesses. After 15 years with Goldman, Mohan will join JPMorgan in August 2021.
Sarah Youngwood, CFO of JPMorgan’s consumer division, commented on Mohan’s move:
[Mohan is] an exceptional leader whose talents I’ve long admired, and I’m thrilled to have her join our company.
Here’s CNBC with more on Goldman Sachs’ management shake-up.
Another Luxury Property NFT
NFTs have entered the luxury real estate market, and they’re booming. The latest is “The Edersheim Residence,” a house in New York State by American architect Paul Rudolph.
The 9,000-square-foot luxury home sits on 2.49 acres of land, features seven bedrooms, a live studio, a swimming pool, and a staff cottage. It even has solar panels, among other brand-new amenities. 😮
The house is listed on Open Sea for a minimum bid of 1 Ether + a hidden reserve. The Ether owned by the winner will be transferred to the wallet of the auction’s seller.
From digital art to real estate— whether you like them or not, NFTs have transformed the way we buy and sell things.
Would you buy an NFT property someday? 🏡
The 862 Fenimore listing is priced in Ethereum with a minimum list price of one Ether and a hidden reserve,” explained the selling team.
Anyone with a wallet with one ETH in it can make a bid on the architecture. The winning buyer will contact the seller via their real estate attorney.
The winning buyer’s ether is transferred to the seller’s wallet, who uses the proceeds to complete the transaction, and pay off the fees.
She NFT’d Her WHAT?!
Supermodel Cara Delevingne has taken ownership of her body by launching an NFT. Delevinge says she wants to feel proud of her body and actually own it.
Yes, you read that right. Amazing. #MybodyMychoice
The model has more than 43M followers on Instagram. She released a video (called “Mine”) which features the model standing naked against an ocean backdrop. Delevigne “wants to own her vagina and do whatever she wants with it.”
You go, girl. 💃
“Mine” will be available for auction soon on the NFT platform This Is Number, and it’ll be minted on Stacks blockchain. Auction proceeds will be donated to the Cara Delevingne Foundation supporting LGBTQ and women’s rights.
Green Bitcoin Is Real
Finally! Eco-friendly Bitcoin mining is possible. 😊
The UK-based Bitcoin mining company Argo Blockchain bought two data centers in Canada to minimize its carbon emissions. Argo’s centers use hydroelectricity for power generation with a combined capacity of 20 MW.
The firm’s goal is the sustainable generation of Bitcoin, and Argo’s latest acquisition is a big first step.
Let’s hope green Bitcoin mining will change unenthusiastic environmentalists’ minds on crypto. 🙏
Links That Don’t Suck
🎞️ J. Cole – Applying Pressure: The Off-Season Documentary
🚀 China Will Attempt to Land Rover on Mars in Coming Days
💪 A Day in the Life of Wall Street Shows NYC at Cusp of Comeback
💰 Private Equity Funds Want to Enlist the Millionaires Next Door
🔋 BIG Designs Battery-Metals Plant, Ships and Underwater Robots for The Metals Company
🌳 Maya Lin Curates a ‘Ghost Forest‘ of Trees Killed by Climate Change in New York City
🎧 Masters In Business— Daniel Kahneman on Behavioral Economics