Markets reversed higher today as the Dow began the day lower but finished with a flurry and a 199 point gain on heavy trading volume at 32,619. Utilities, banks and midsized tech stocks were higher while large cap tech stocks were soft. Oil fell 4% and interest rates held steady as investors are starting to debate proposed infrastructure and tax bills being pushed by the White House.
The world is a crazy and interesting place. While a huge container ship is wedged in the Suez Canal, Lloyds of London estimated that it was costing $400 million per hour as ships cannot get through and some are even now considering changing course and heading around the horn of Africa which will extend delivery times by a week or more.
Meanwhile here in the US, shares of local bobblehead doll maker Funko bolted higher due to the recent craze in “non-fungible tokens” or NFTs. An NFT represents ownership in a unique digital asset that exists on a blockchain and can't be reproduced. Fungible means something can be replaced while non fungible means something is unique and irreplaceable. Funko was up because it is expanding its business beyond bobbleheads into NFTs which is a hot new investment area and is seeing people the Winklevoss twins and companies like Cinedigm getting into the act of gathering digital assets, packaging them into NFTs and then selling them to collectors. It’s kind of like selling digital art and is a new trend following on the heels of the Bitcoin digital currency craze.