Welcome to MarketBites! Here's all you need to about yesterday's market news.

Quote of the day:

"The road to success and the road to failure are almost exactly the same."

 - Colin R. Davis

PORTFOLIO MANAGER COMMENTARY

Stocks rose modestly on Wednesday, after the market's worst day in more than two years on Tuesday. The S&P 500 rose 0.34%, the Nasdaq gained 0.74%, and the Dow finished up 0.10%. Material stocks underperformed the market, led by Nucor with a -11% decline. 

Moderna was a top performing stock jumping more than 6%, while Tesla rose 3.6% and Apple tacked on 1%. Moderna jumped on the news that China may be interested in buying its Covid-19 vaccine. China’s lockdowns continue to put a dent in the nation's economy. 

In other news, a potential U.S. railroad strike could heavily disrupt supply chains fueling even more inflation. The White House is working to broker a deal to prevent this from happening. In the meantime, Amtrak officials have discussed canceling cross-country routes. 

CHART OF THE DAY

As cash pours into battery recycling companies, manufacturers are seeing more available supply to build goods such as electric cars. This will be a huge help for carmakers who are trying to limit their dependence on China, which dominates the battery supply chain. 

By Kevin Hurley

Investment Analyst

WHAT ELSE IS HAPPENING

• SoftBank to try another vision fund  - (read here)
• Patagonia founder donates all company stock - (read here)
• Crypto investors take bets on Ether merge - (read here)
• California sues Amazon for antitrust violations - (read here)