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

“If you are not willing to risk the unusual, you will have to settle for the ordinary." 

- Jim Rohn

MARKET PERFORMANCE

PORTFOLIO MANAGER COMMENTARY

Stocks were mixed on Wednesday as investors weighed strong economic data against concerns about inflation and potential interest rate hikes.

Retail sales increased by 3% in January, a sign of economic strength that could encourage the Federal Reserve to continue raising interest rates. “Retail sales for January were strong across the board, and together with the strong jobs report show a resilient economy,” Matt Peron, director of research at Janus Henderson Investors, wrote. “This notion is supporting the market’s current ‘Goldilocks’ mood where the economy is strong, but inflation is receding, albeit still too high.”

Despite the mixed market, Airbnb rose 13% after reporting better-than-expected quarterly earnings and its first full-year profit. Other travel-related stocks such as Booking and Choice Hotels rose as well. In contrast, Devon Energy lost 10% after reporting a decline in fourth-quarter earnings. Warren Buffett's Berkshire Hathaway sold some of its shares in Taiwan Semiconductor Manufacturing, which fell 5.3%.

Bitcoin and the broad crypto market continued to soar on Wednesday as the risk-on mentality seems to be returning to the market. 

CHART OF THE DAY

In 2014, the United States had the largest net inflows of high-net-worth individuals, but since then it has fallen to sixth place. 

WHAT ELSE IS HAPPENING

• Elon Musk claims A.I. is one of the biggest risks to civilization - read here
• Charlie Munger bets on China's BYD over Tesla - read here
• Warren Buffett's latest stock moves - read here