Market Event, General

Week in Review: Coinbase goes public, and indices shatter records

Annie Charalambous, Friday, 16 April 2021

Week-in-Review-160421-Coinbase

As the UK celebrated the beginning of the end of lockdown as we know it, markets from across both sides of the Atlantic climbed to new record highs. While concerns rise over vaccine side-effects, with Johnson & Johnson now taking the spotlight from AstraZeneca, shares haven’t seen dips as big as one would expect, so it remains to be seen if the trajectory will continue.

Aside from that blip, these were some of the biggest movers from this week.
 

The rise (and fall) of crypto

Top of every market page this week was the historic Coinbase IPO – the cryptocurrency exchange held its Nasdaq IPO Wednesday, soaring to a high of $429 during the day’s session. While shares have since dropped, the company’s valuation hit as much as $112 billion, which is higher than that of aerospace and defence giant Lockheed Martin, Mercedes’ parent company Daimler, and even CME Group and Intercontinental Exchange, or ICE.

Ahead of the listing, Bitcoin reached an all-time high, breaking $64k for the first time, before plummeting over $3,000 (or almost 5%) in the last day alone (correct at time of writing).

Our own Head of Research, Andrew Saks, published his thoughts on our blog. Read that here.
 

Indices climb to their own highs

The week has seen some solid gains across US indices, boosted by the trillion-dollar players – NASDAQ100 and DJI both hitting all-time highs. Thursday saw the NASDAQ100 surpass and close above $14k on Thursday, while DJI broke past $34k, having gained 11.2% so far this year. S&P500 broke its own record by end of close, jumping 5% in the last month alone.

Some of the contributors include Amazon, which is up 2.4% over the last 5 trading days, Apple, up a healthy 3.2% over the same time period, and almost 6% gains from both NVIDIA and AMD.

With US earnings ramping up from next week (Netflix, IBM, and others all expected to post), it may be worth keeping an eye on indices in the weeks to come.
 

Movers & shakers

🔺 Daimler (DAI) was the biggest winner on the DAX after gaining 3% Thursday thanks to increased demand for Mercedes-Benz in China, reports Reuters.

🔻 MGM Resorts International (MGM) fell 4% Thursday, underperforming compared to the likes of Las Vegas Sands and Melco Resorts. Read more on MarketWatch

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