Despite the early relative calm, by mid-week stocks fell led by the tech sector and in particular Amazon. While it saw early weakness, the Nasdaq ended up on the week just under 1% while the other indexes were mixed.
Amazon’s (NASDAQ: AMZN) stock dropped by as much as 2.2% on Thursday. A bullish Wall Street analyst’s comment about a competitor – Microsoft – was the impetus that pushed the e-commerce and cloud computing giant lower.
As a result of the SPAC merger with VPC Impact Acquisition Holdings III Inc. last week, Dave Inc. (NASDAQ: DAVE) shares rocketed more than 40% to session highs by Wednesday as the trading activity for the newly public financial technology business soared.
Soybean futures in Chicago lost more ground, with the market expected to close lower due to rain projections in drought-stricken South American growing regions. The front month futures contract was down 0.8% to $13.66-1/2 a bushel by Thursday, bringing the loss to more than 3%.