Volkswagen is Getting into Flying Cars and GameStop is Falling – Financial News Summary for Tuesday, February 9, 2021

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The stock market saw a mixed day for the first time in quite some time today. In fact, only one of the major New York markets saw an increase today and only by a small margin. The Dow Jones fell 0.03% to close at 31,375.83. The NASDAQ rose by 0.14% to close at 14,007.70 and the S&P 500 fell 0.11% to close at 3,911.23. STOXX Europe also saw a slight drop today of 0.088% to close at 410.42.

It seems that GameStop’s reign may finally be nearing its end. In fact, the stock fell almost 20% throughout the course of the day, arriving at a final price of $48.79. This after a fall of nearly 80% just last week. The stock managed to make a great deal of money for some Reddit investors while costing short-sellers a great deal. For example, Melvin Capital lost 53% as a result of the increased value of the stock. There doesn’t seem to be much concern for those who have bought up the stock however (at least outside of Wall Street). And it’s unclear just what might happen next for the company.

 

Volkswagen has announced that they are looking into flying vehicles as yet another step into the future. Electric vehicles are starting to become old news with car manufacturers that are looking to constantly upgrade and update the options that are available with their vehicles. (Though, of course, Volkswagen is also looking to upgrade their electric car market as well.) While Volkswagen is not the first car manufacturer to announce that they’re looking at these options, they are one of the largest. Their flying vehicles are looking to come out of China, which is the biggest customer for Volkswagen as a whole.

 

GM has faced a computer chip shortage that means the company is stopping production at three plants in North America. They had hoped that the shutdown would last only a week, however it is now extending the loss until at least the middle of March before they will be able to consider reopening and getting production back on track.

“Our intent is to make up as much production lost at these plants as possible,” the company said in a press release. “In addition, when there is a shortage of semiconductors that impacts production, in some cases we intend to build vehicles without certain modules and will complete them as soon as possible. This will help us quickly meet strong customer demand as more semiconductors become available.”

 

Oil prices rose by 0.09% today to close at $58.41 per barrel. Gold prices rose also today, by 0.42%, to close at $1,837.57 per ounce. The treasury yield also fell today, with the 10 year yield down to 1.18 and the 30 year yield at 1.95.

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