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Weekly Market Snapshot: February 12, 2021
Market related news for the week ending February 12, 2021
- Brent oil topped $60 a barrel Monday for the first time in more than a year, on the back of supply cuts by key producers and hopes for further U.S. economic stimulus.
- Monday Tesla revealed it invested $1.5 billion in Bitcoin and that it expects to accept the cryptocurrency for payment “in the near future.” The news sent Bitcoin surging past $42,000. Meanwhile another crypto Ethereum, broke through $1,800 for a new all-time high after its CME futures launch.
- Tuesday Electronic Arts announced it was acquiring Glu Mobile in an all-cash deal valued at $2.1 billion.
- Twitter announced results Tuesday, reporting an increase in revenues of 28% to a record $1.29 billion. Net income was $222 million, up from $119 million a year earlier.
- Wednesday almost 6,000 workers at an amazon warehouse just outside of Birmingham Alabama began a vote to unionize their facility, the first significant effort of this nature by U.S. Amazon workers.
- Dating app Bumble commenced trading on the Nasdaq Thursday. The stock was up as much as 85% in its first day of trading.
- Bitcoin was up as much as 8.1% Thursday to a record $48,663 after Mastercard and Bank of New York Mellon Corp made moves to make it easier for customers to use cryptocurrencies.
Economic news for the week ending February 12, 2021
- Tuesday: NFIB Small Business Optimism for January was 95.0.
- Tuesday: JOLTs Job Openings for December were 6.646 million, up from November’s 6.572 million.
- Wednesday: CPI for January came in at 0.3% in line with expectations. Year-on year the reading was 1.4%. Core CPI was 0.0%, lower than expected. Year-on-year it was 1.4%.
- Thursday: Initial Jobless Claims were 793,000. Continuing Claims were 4,545,000.
- Friday: Michigan Consumer Sentiment for February (prelim) was 76.2, lower than expected.
Economic events for the week ending February 17, 2021
(all times listed are Eastern)
- Monday: Presidents’ Day Holiday
- Tuesday: NY Empire State Manufacturing Index for February at 8.30am.
- Wednesday: PPI for January at 8.30am.
- Wednesday: Retail Sales for January at 8.30am.
- Wednesday: Industrial Production for January at 9.15am.
- Thursday: Building Permits for January at 8.30am.
- Thursday: Housing Starts for January at 8.30am.
- Thursday: Philadelphia Fed Manufacturing Index for February at 8.30am.
- Friday: Manufacturing PMI for February at 9.45am.
- Friday: Markit composite PMI for February at 9.45am.
- Friday: Services PMI for February at 9.45am.
- Friday: Existing Home Sales for January at 10.00am.
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