Stock and Commodities Wrap: Coffee Lovers on Alert

Stocks ended Friday’s session under pressure from mounting concerns about COVID-19 lockdowns across Europe, which increased fears of future limitations outside of Europe, putting pressure on blue-chip stocks, energy, and the broader market.

Treasury yields fell early on Friday as investors flocked to safe-haven assets, which had risen in reaction to mounting inflation fears.

Rivian Falls

Rivian (RIVN) stock stumbled owing to the news that Ford was abandoning a plan to form a joint venture to build an EV with the automaker. When Ford invested $500 million in Rivian in 2019, the two firms said they were working on a combined vehicle.

Nvidia Rises

On Friday, Nvidia stock rose 4% as investors grew more optimistic about the chipmaker’s data center and Omniverse ambitions. The rise was on top of Thursday’s 11% jump after Nvidia topped third-quarter earnings and sales projections.

Crude Oil Sees Further Falls

After Austria issued a state-wide lockdown, oil prices plunged to a six-week low on Friday, owing to demand concerns. At the time of writing, momentum continued to push crude down and it was on track to lose the fourth week in a row for the first time in over a year.

Coffee Rockets Higher

Bloomberg said a perfect storm of supply issues have pushed coffee prices to multi-year highs – Coffee futures traded on the ICE US exchange rose to the highest point in ten years. Sugar has increased as well, reaching the highest level in a month although on Friday saw some profit-taking.

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