There’s no trading in the stock market today because of Good Friday, but there’s been a lot of little stories that have happened this week that I wanted to discuss. The biggest news this week was definitely President Biden’s announcement of his infrastructure plan. I went into detail about his proposal in my last blog “Investing in President Biden’s Infrastructure Plan“. If this plan is put into action, there will be great opportunities to invest in multiple different industries.
Other big news this week was the when the massive cargo ship Ever Given was finally freed from blocking the Suez Canal. The Ever Given had become lodged sideways, blocking the Suez Canal for nearly a week and stopping all international shipping in the area. The debacle started on March 23 and after seven days of dredging and using tugboats, it was finally dislodged on March 29. This blockage caused at least 400 boats to be rerouted and hundreds more were stuck waiting to be able to pass through the canal. Due to the amount of products and materials that were stuck at sea, this blockage cost an estimated $9 billion each day in delayed global trade. The situation is under investigation by the Suez Canal Authority.
The brokerage app Robinhood was in the news again this week but it wasn’t about GameStop or its highly anticipated upcoming IPO. Robinhood is being sued by rapper Ice Cube for trademark infringement. Ice Cube filed a federal lawsuit on Wednesday, March 31, accusing Robinhood of damaging his reputation by using his image to promote its products without his consent. Ice Cube claims the trading platform is retaliating against him for his association with Jeff Kwatinetz, his business partner and his civil rights attorney who was involved in a separate lawsuit against Robinhood over the GameStop controversy. Ice Cube is asking the court for an injunction requiring Robinhood to stop using his likeness and also for unspecified monetary damages.
There were some big IPOs that dropped this week including the online learning platform Coursera (COUR) and the newest addition to the ARK Invest ETF lineup, the ARK Space Exploration & Innovation ETF, or ARKX. Both of these IPOs have had a pretty good first week and they are trading higher than their IPO price. ARKX is managed by famed investor and CEO & CIO of ARK Invest, Cathie Wood. ARKX has received mixed reviews and some criticism over the ETF containing some names like Netflix and Amazon that don’t really have anything to do with space exploration.
It was definitely an interesting week on Wall Street. I will continue to update you with all the latest news and information from around the investment world. Make sure to follow this blog and my other social media platforms. Have a great weekend!