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Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.

A few places it's playing out...

Stocks: The tech-heavy Nasdaq Composite index fell 5% this week, its ugliest performance since October.

  • The "meme trade" reemerged, with GameStop stock gaining 156% this week, a record second only to ... that week in January.
  • Separately, the SEC suspended trading in 15 different penny stocks Friday "because of apparent social media attempts to inflate their stock price" — its latest action on this front, the agency said this afternoon.

Bonds: There was a rare, massive surge in yields, followed by a sharp reversal. This is not often a wild market, but a measure of bond volatility this week hit the highest level since last April, Bloomberg reports.

  • Inflation fears — and how the Federal Reserve will respond — hit a fever pitch. The 10-year government yield hit its highest level in a year (above 1.6%) on Thursday. It ultimately pulled back to 1.4% Friday.
  • The yield on a separate bond (the 5-year) saw the biggest single-day increase in over a decade on Thursday, per Tradeweb data.
  • And what you'll earn on dividends from the S&P 500 matched the return on the 10-year bond  — a pandemic-era first notched this week.

Then there's bitcoin: Prices fell roughly 20% this week, the worst drop since March.

  • A warning from soon-to-be public company Coinbase: The unveiling of Bitcoin's anonymous creator Satoshi Nakamoto and what he does with his stash could have a massive impact on the entire crypto market.

Go deeper

Felix Salmon, author of Capital
Feb 26, 2021 - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Dion Rabouin, author of Markets
Feb 25, 2021 - Economy & Business

Powell remains unbothered by inflation despite yields surging

Data: Investing.com; Chart: Axios Visuals

U.S. Treasury yields rose to fresh highs on Wednesday, as Fed chair Jerome Powell made clear during his second day of Congressional testimony that the central bank had no plans to step in and put a lid on rising rates.

By the numbers: Yields on the benchmark 10-year note rose above 1.4% for the first time since February 2020 and the yield on the 30-year Treasury bond hit 2.28%, the highest since January 2020.

Dan Primack, author of Pro Rata
Feb 25, 2021 - Economy & Business

Coinbase files to go public via direct listing

Illustration: Sarah Grillo/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a direct listing. It includes a placeholder figure of $1 billion, but that's likely to change.

Why it matters: Coinbase could go public at a higher initial valuation than any other U.S. tech company since Facebook.