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Daily Scoop

King of All Markets

By Thu, Mar 18, 2021

Hey Scoopers,

The stock market showed strength as the Fed released optimistic economic outlooks for unemployment in 2021 and near-zero interest rates until 2023. — More on that in the “Overall Market” section.

Beyond the overall market, a German automaker surprised the market with ambitious plans for EVs. Meanwhile, accounting mistakes cost one company its investors’ trust. — More on that in the “What’s Up?” and “What’s Down?” sections.

By the way, once again, Amazon proved it is the king of any market it decided to play in. — More on that in the “Water Cooler” section.

But, first, here is a recap of what happened in the market yesterday:

Market Recap

  • U.S. markets: All the three indices closed in the green on Wednesday. Scroll down to the “Overall Market” section to read more.
  • Cryptocurrency: Bitcoin‘s price climbed back to $58K per coin.

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Fed to the Rescue

The stock market ended in the green zone on Wednesday. After the Fed’s meeting ended with optimistic economic projections, the indices climbed back to the green zone. Following the meeting, investors turned confident towards the economic recovery as the officials suggested near-zero interest rates through 2023.

After the Fed raised the inflation rate expectations to 2.4%, the 10-Year Treasury bond yields reached new highs at 1.64%. Following the updated expected rates, the Fed now calculates a 4.5% unemployment rate for 2021.

Volkswagen Aims the Top

So, what happened?

Shares of Volkswagen (Ticker: VLKAF) were up by more than 30% on Wednesday. Volkswagen announced that it expects to deliver two times more EVs in 2021 compared to 2020. Volkswagen now plans to become the world’s largest EV seller until 2025. After investors turned bullish towards Volkswagen’s intention to sell 3 million EVs per-year by 2025, VW’s stock price skyrocketed.

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Mistakes Hit Hard

So what happened?

Shares of Plug Power (Ticker: PLUG) were down by almost 8% on Wednesday. After the fuel-cell company announced that it would have to restate financial results, Plug’s stock price sharply decreased. Although the company stated that there is no expected impact on its cash position or operations, the accounting errors sparked concerns among investors over Plug’s actual financial results.

King of All Markets

So what happened?

Amazon (Ticker: AMZN) dethroned Walmart (Ticker: WMT) as the No. 1 apparel retailer in the U.S.

After Wells Fargo (Ticker: WFC) released an apparel market research on Wednesday, Wall Street’s long-time expectation met reality. Amazon surpassed Walmart as the top apparel retailer in the U.S. Wells Fargo’s analysts believe that the pandemic-fueled e-commerce boom was the catalyst to boost Amazon’s sales in 2020. Following the sales boom, Amazon expanded its online apparel and footwear market share to almost 35% last year. It is seven times more than the second-largest online retailer.

It seems that Amazon dominates any markets the company decides to play in.

If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.

 

Disclosure: Authors of this Scoop own shares of Amazon (Ticker: AMZN).

About the Author

The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card