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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;
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.