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Weekly Recap May 15th 2021
An article by • Published May 22, 2021

Weekly Recap: May 15th, 2021


For the week ending May 15th - the S&P 500 increased by 1.2%, the NASDAQ declined by 1.5% and the Dow Jones Industrial Average increased by 2.7%. The 10-year U.S. Treasury Yield Rate hovered around 1.60% through Friday, May 15th. Economic Data That Moved Markets:
The U.S. Census Bureau released Retail Sales data for April 2021 on Friday, May 14th. Retail sales remained unchanged from March 2021. This disappointed the markets because analysts expected about an increase of 1% in the retail sales after the drastic increase of 10.7% in March 2021.  The U.S. Bureau of Labor Statistics released Annual Inflation Rate data for the April 2021 this Wednesday, May 12th and it showed inflation rate rose by 4.2% (on Year-over-Year basis). It is the biggest rise in inflation since September 2008, primarily driven by rise in prices of used cars. Used cars and trucks prices rose by 10% in April 2021, which was the biggest monthly rise since the BLS began tracking Consumer Price Index in 1953. Tesla Suspended Bitcoin Purchases Elon Musk
announced
 Tesla Motors (ticker:
$TSLA
) has suspended purchase of its vehicles through Bitcoin in a tweet on Wednesday, May 12th. He mentioned in the tweet that cryptocurrency offers a promising future but the company is concerned about "increasing use of fossil fuels for Bitcoin mining and transactions." He also added that the company will not be selling any Bitcoins (that it currently owns).  Chipotle To Raise Wages Chipotle (ticker:
$CMG
)
announced
that the company is raising wages for its restaurant workers to an average of $15 per hour by the end of June 2021 in a press release on Monday, May 11th. The company also mentioned that it plans to open about 200 restaurants this year. To accommodate for the new restaurant locations and peak season, the company intends to hire about 20,000 new team members across United States. Coinbase Announces Q1 2021 Key Metrics Cryptocurrency exchange platform Coinbase Global (ticker:
$COIN
) announced quarterly earnings performance for the first time since it went public via a direct listing (DL) last month on Thursday, May 13th. In the
letter to shareholders
, the company disclosed they "now have over 56 million Verified Users, including more than 8,000 institutions, and over 134,000 ecosystem partners on our [Coinbase] platform. Retail MTUs [Monthly Transacting Users] grew to 6.1 million in Q1 2021, more than double compared to Q4 2020." Despite the strong outlook, the company said it is facing increased competition from new entrants who support certain crypto assets that are experiencing large trading volume and growth in market capitalization that Coinbase platform does not currently support. Please feel free to share any feedback or comments about this post or Unhedged platform by sending an email to support@unhedged.com