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Today in the Market (3/11/2022)

Good Evening. Stocks fell for the sixth week in a row on Friday, as investors weighed hopeful words from Russian President Vladimir Putin regarding diplomatic talks with Ukraine against a weaker-than-expected reading on consumer sentiment in the United States.

The S&P 500 index dropped 1.3%, while the Dow Jones Industrial Average declined 0.7%. The Nasdaq Composite Index fell 2.2%. Despite the fact that all three indexes started the day in the green, stocks lost some of their early gains in the middle of the day after a new report showed that consumer sentiment in the United States deteriorated more than expected in early March, with consumers’ inflation expectations reaching their highest level since 1981.

NFT

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Mike Winkelmann—the artist known as Beeple—sold an NFT titled EVERYDAYS: THE FIRST 5000 DAYS for $69 million at Christie’s one year ago today. The sale was a landmark moment for the digital assets that have surged in prominence, and it remains the largest ever for an NFT (and notoriety).

NonFungible.com issued a new NFT study yesterday that looks at the market in the year when “stacking apes” became a word that meant more than balancing orangutans on top of one another.

  • NFT sales reached $17.7 billion in 2021, up 200 times from $82.5 million in 2020.
  • The average NFT price increased by more than 1,500 percent from $49.18 in 2020 to $807.52 in 2021.
  • Do you like to speculate a lot? In 2021, NFTs were owned for an average of 48 days, down from 156 days in 2020.

Despite the fact that 2021 was a banner year for NFTs, they are now in a bear market (or a deflating bubble, pick your poison). Sales in February 2022 were down 40% from January, while sales in the previous week were down 29% from the week before.

Meanwhile, Beeple has a physical show in Manhattan, however the paintings will be sold as NFTs as well.

EARNINGS

Rivian (RIVN) stock dipped by 8% on Friday after the electric vehicle firm reported fourth-quarter revenues that fell short of analyst projections and provided a production outlook that fell short of some analyst expectations.

According to Bloomberg data, the company earned $54 million in the fourth quarter, which was less than the $64 million predicted. Meanwhile, adjusted losses per share of $2.43 were higher than the expected loss of $2.05 per share.

Rivian expects 25,000 automobiles to be produced in 2022 for the entire year. Dan Ives, a Wedbush analyst, predicted that 40,000 units would be produced in 2022.

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