AlphaTALKS Wall Street Breakfast, Feb. 20: What Moved Markets This Week

Stock market indices finished mixed after a holiday-shortened week where Congressional hearings around GameStop (NYSE:GME) dominated headlines. The Nasdaq (COMP) eked out a small gain of 0.2% for the week, while the S&P 500 (SP500) dropped 1% and Dow Industrials (DJI) fell 0.3%.On the one-year anniversary of the start of the COVID-19 market collapse, the 10-Year TIPS yield neared its highest levels since the plunge in real rates that followed the start of the lockdown. Nominal rates were higher as well, with the 10-Year Treasury yield up to 1.34%.Winners & LosersBitcoin (BTC-USD) was one of the biggest winners as its market cap hit a record $1 trillion after the digital currency added almost 15% in U.S. dollar terms. “Crypto proxy” stocks Riot Blockchain (NASDAQ:RIOT), Grayscale Ethereum Trust (OTCQX:ETHE) and Marathon Patent Group (NASDAQ:MARA) all booked solid gains for the second week in a row.Copper prices rallied by more than 7% this week to reach a nine-year high. Copper miners followed the metal higher: Shares of Hudbay Minerals (NYSE:HBM) and Freeport McMoran (NYSE:FCX) are up more than 6% for the week.Some vaccine stocks rallied. Novavax (NASDAQ:NVAX) gained in overnight trading last night after the company said it signed a memorandum of understanding with the Vaccine Alliance to provide 1.1 billion doses of its COVID-19 vaccine globally. ImmunoPrecise Antibodies (NASDAQ:IPA) shares rose today after the company announced preliminary preclinical data of its antibody cocktail program in SARS-CoV-2 infected hamsters.COVID-19 test makers sold off this week. Quidel Corporation (NASDAQ:QDEL) shares dropped 10% after the company said it failed to meet consensus revenue estimates in Q4 2020. Meridian Bioscience (NASDAQ:VIVO) shares also fell by double digits this week. Orasure Technologies (NASDAQ:OSUR), Genmark Diagnostics (NASDAQ:GNMK), and Fluidigm Corp (NASDAQ:FLDM) were also down multiple percent.Cathie Wood’s ARK Innovation funds quietly had a poor week: The flagship ARK Innovation ETF (NYSEARCA:ARKK) is down 3.5%. The ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) lost 4% while the ARK Next Generation Internet ETF (NYSEARCA:ARKW) fell 2%. It does bear mentioning that each of these funds is up over 150% over the last 12 months.ARKK took advantage of a dip in Palantir (NYSE:PLTR) and Tesla (NASDAQ:TSLA) to add to its holdings of both stocks this week.What Caught Our Eye(s) This WeekStephen: Coverage of the Texas power emergency, including here, here, and here;Kim: Surge in retail sales raises worries about too much stimulus;Nat: Stocks trim losses as traders realize lawmakers aren’t mentally equipped to do anything about any of this stuff anyway (via Twitter).About This PodcastAlpha TALKS Wall Street Breakfast is a weekly podcast covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.Hosted by Nathaniel E. Baker, Senior Editor, Strategic Contributors, and featuring:Bradley Olesen, VP News (off this week);Kim Khan, Senior News Editor;Stephen Alpher, Managing Editor News, co-host of Seeking Alpha's Alpha Trader podcast.A slightly longer video publishes every Friday by close of trading on the SeekingAlpha.com website. Watch this week's video here.The video can also be seen on the Seeking Alpha YouTube account.Learn more about your ad choices. Visit megaphone.fm/adchoices