SNOW
Hey Scoopers,
According to the Fed, the interest rate isn’t going to hike, but that didn’t impress investors. â More on that in the “Overall Market” section.
Beyond the overall market, one vaccine race frontrunner secured more production capacity, and investors confirmed that they hate sharing their stocks with others. â More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, it snowed in the stock market on Wednesday. â 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: The stock market indices reversed course and mostly ended Wednesday in the red. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Unlike the stock market, Bitcoin’s price moved up enough to pass the $11,000 mark.
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Interest Rates Won’t Hike
Even the excitement around SNOW’s IPO didn’t save the stock market on Wednesday, and indices mostly finished flat or in the red. The Fed gave investors the peace of mind that the interest rates won’t hike for years.
The Vaccine Race
So, what happened?
Shares of Novavax (Ticker: NVAX) were up more than 11% on Wednesday. The company is one of the frontrunners in the race to a COVID-19 vaccine. While the stock has dropped since its recent all-time highs, the company is still leading the race to the vaccine and just signed a production agreement with a vaccine manufacturer in India. It is getting ready to produce millions and millions of vaccines once tested and prepared for mass immunization.
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Donât Like Sharing
So, what happened?
Shares of Shopify (Ticker: SHOP) were down by more than 2% on Wednesday. Itâs rare to see a few straight weeks and days of downward movement by Shopify. After hitting an all-time high above $1,000 per share, the stock is now hovering at around $900. The company announced its new round of financing by issuing convertible notes and new class A shares. New shares and convertible notes are dilutive to current investors because more investors are around to share tor riches, in laymanâs terms. Investors, typically, donât like to share with other investors.
It Snowed On Wednesday
So what happened?
The love of Wall Street finally IPOâd. For some reason, everyone fell in love with Snowflake (Ticker: SNOW). The data cloud provider that works seamlessly with most cloud-based storage platforms such as AWS and Azure ended the first hours of its first day as a public company creating the largest IPO of 2020.
The excitement came after investors learned that Berkshire Hathaway and Salesforce.com were to invest $250 million at the IPO price. Itâs needless to say that excitement has got nothing to do with the company’s real value. At this point, we could have IPOâd actual snowflakes, and if we had a good story and momentum, we could have made it SNOW.
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