AlphaTALKS Wall Street Breakfast, March 13: What Moved Markets This Week

Stocks had a positive, albeit volatile, week. Bullish comments from David Tepper caused some risk-taking on Monday, reversing the more cautious sentiment from the previous week. Concerns over inflation were relieved somewhat with a mostly benign consumer price index report that met economists’ estimates.The Dow Industrials Index (DJI) lead major indices, with a gain of 3.6% for the week. The S&P 500 (SP500) was up 2.4%, with the Nasdaq (COMP) 3% higher even after a drop of 0.6% on Friday.Cryptos rallied this week on the back of the intensifying NFT craze. Bitcoin (BTC) flirted with a new all-time-high and is up about 13% for the week.Winners & LosersThere was broad-based buying among large caps, with only about a dozen S&P 500 stocks lower for the week. Cruise lines sold off, with Norwegian Cruise Lines (NYSE:NCLH) falling 8% for the week and Royal Caribbean (NYSE:RCL) giving up 4%. Live Nation Entertainment (NYSE:LYV) shares dropped 3% and GE (NYSE:GE) declined 10% after a surprise reverse stock split proposal. GE’s shares have rallied this year, from $10.80 to over $14 at one point, but this week suffered their worst two-day loss since June.Direct listings were one big winner after Roblox (NYSE:RBLX) opened for trading 50% above its reference price. RBLX then rallied anew on news Cathie Wood’s ARK Next Generation Internet ETF (NYSEARCA:ARKW) had purchased more shares.NFTs, or so-called non-fungible tokens, were another big winner. A collage by the artist Beeple became the most expensive digital image ever, fetching $69 million at a Christie’s auction.‘Meme stocks’ also had another good week. GameStop (NYSE:GME) has almost doubled, while Koss (NASDAQ:KOSS) is up 65%. AMC Entertainment (NYSE:AMC) gained 28% after saying it had sufficient liquidity through March 2022.ViacomCBS (NASDAQ:VIAC) is on track for its 12th straight week of gains and added 20% since Monday, partly thanks to sky-high ratings for Oprah Winfrey's interview of Meghan Markle and Prince Harry and the ensuing drama.LendingClub (NYSE:LC) is up more than 16% this week after issuing stronger-than-expected revenue guidance and reports Wood's fintech ETF was adding shares.What Caught Our Eye(s) This WeekKim: Netflix (NASDAQ:NFLX) password-sharing days may be numbered;Brad: Electric vehicle stocks cool as legislation hopes warm;Stephen: New York Life CEO Ted Mathas warms to Bitcoin - joins NYDIG.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