NFP Shocker Fails To Crimp Risk-Taking

By May 8, 2021Bitcoin Business
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Stock markets had a mixed week, shrugging off a shocking miss by the non-farm payrolls report for April. The Dow Industrials (DJI) set record highs but technology stocks lagged.

At the time of this writing, the Dow was up about 2.7% for the week, with the Nasdaq Composite (NYSE:COMP) off about 1.5%. The S&P 500 (SP500) is up about 1.3% while the Russell 2000 (RTY) is down about 0.4%.

Commodities and gold (NYSEARCA:GLD) did well this week, with the precious metal up almost 4%. Bitcoin (BTC) added about 1.5% this week.

Winners & Losers

Technology stocks and meme names were the major losers.

Shares of Peloton Interactive (NASDAQ:PTON) are down 15% this week after the company agreed to a treadmill recall and then posted a quarterly loss. PTON shares recovered some ground today (Friday) but then sold off again later in the session.

While crypto currencies had a strong week, many crypto stocks did not. Shares of Marathon Digital Holdings (NASDAQ:MARA) are down more than 8% this week. Riot Blockchain (NASDAQ:RIOT) has sold off 17%.

Among meme stocks, Gamestop (NYSE:GME) gave up close to 9% this week. The Ark Innovation ETF (NYSEARCA:ARKK) dropped by 11% as some of its major holdings sold off, including Tesla (NASDAQ:TSLA), Roku (NASDAQ:ROKU), and Square (NYSE:SQ).

Teladoc Health (NYSE:TDOC) is down 11% this week, seeing its shares sell off after Walmart (NYSE:WMT) agreed to buy telehealth provider MeMD. Etsy (NASDAQ:ETSY) is down 25% after guiding for slower growth.

COVID-19 vaccine names were hit after a U.S. trade representative announced support for a waiver of intellectual property right protections for the drugs. Moderna (NASDAQ:MRNA) is down almost 9% for the week. BioNTech (NASDAQ:BNTX) shares are about 6.5% lower. Novovax (NASDAQ:NVAX) is down 28% and Curevac (NASDAQ:CVAC) 18%.

On the winners side, commodities had a great week. Copper exploded to an all-time high. The Teucrium Corn ETF (NYSEARCA:CORN) added 13%, its highest level in almost five years. Lumber prices rallied 21%. Affiliated equities predictably rallied as well: Freeport McMoran (NYSE:FCX) and Schlumberger (NYSE:SLB) by 10%, Nucor (NYSE:NUE) by 16%, Halliburton (NYSE:HAL) by 9%.

What Caught Our Attention This Week

Kim: Record Fintech VC Funding: Banks Getting Amazoned, by DataTrek Research;

Brad: Bill and Melinda Gates are getting divorced. Here are some stocks they owned;

Stephen: Cryptos. NYDIG hires Ray Dalio's Bridgewater CFO as its CFO and Bitcoin finance meets Bitcoin tech as Galaxy Digital acquires BitGo.

Nat: NFP miss by economists. Like, WTF?

About This Video

Alpha TALKS Wall Street Breakfast is a weekly video covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.

Hosted by Nathaniel E. Baker, Senior Editor, Strategic Contributors, and featuring:

  • Bradley Olesen, VP News;
  • Kim Khan, Senior News Editor;
  • Stephen Alpher, Managing Editor News, co-host of Seeking Alpha's Alpha Trader podcast.

The video publishes on this account every Friday by close of trading, with the longer audio podcast released on Saturdays at 6:30 a.m. through the Wall Street Breakfast account.

The video can also be seen on the Seeking Alpha YouTube account.

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