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What Did the Stock Market Do Today, Aug. 13? 3 Big Stories to Catch Up On.

Thank goodness. The weekend is finally here and the major indices managed to once again close at record levels — despite the ominous undertones of Friday the 13th. So before you log off to dream of a sunny day spent on a yacht, what did the stock market do today?

Street sign for Wall Street pictured in front of several American flags representing american stocks

Source: Shutterstock

  • The S&P 500 closed up by 0.16%
  • The Dow Jones Industrial Average closed up by 0.04%
  • The Nasdaq Composite closed up by 0.04%

So what else did the stock market do today? Here are some of the top stories.

What Did the Stock Market Do Today? Find Balance.

Chances are you feel a little unbalanced heading into the weekend (perhaps you drank one too many cups of coffee like me to get through Friday). However, real estate brokerage Redfin (NASDAQ:RDFN) is confident that a sense of balance is returning… at least in the housing market.

One of the largest pandemic stories has been the explosion in the housing market. Millennials became homebuyers for the first time. Families left cities in search of backyards, swimming pools and more square footage. Companies let their workers go remote, forever. Shortages due to supply-chain disruptions meant houses on the market were even harder to come by.

This series of intersecting factors has led to absolute chaos. Homeowners have had unusual power (choosing to take things like toilets with them when they move out). Homebuyers have found themselves in a bit of a rut, promising naming rights to their first-born children and bidding way over asking prices.

Now though, Redfin thinks this reality could be coming to an end. A new report shows that the housing market is “no longer heating up.”

Specifically, Redfin says the share of houses for sale with price drops rose once again this week. Homes are staying on the market for slightly longer, and median selling and asking prices are coming back down. While these numbers each are inflated compared to levels from last year, on a week-over-week basis they show a declining trend.

So what does this mean? According to Redfin, it is a sign that everyone in the housing market can take a deep breath as balance returns. For investors betting on housing stocks, it may be the first sign that the frantic rush of the past year is coming to an end. RDFN stock closed down Friday by 4.8%.

SPACs, Infinity Squeezes and Micromobility

Today, GreenVision Acquisition (NASDAQ:GRNV) closed its merger with micromobility firm Helbiz. On the surface level, this was a victory for Helbiz, the first Nasdaq-listed company specializing in micromobility. Headquartered in New York City, Helbiz promises to transform transportation through its e-scooter, bike and moped programs. It also markets Helbiz Kitchen, its own food delivery service.

But beneath the surface, there is way more to the story. As GreenVision and Helbiz announced the closing of their merger, they also shared a few other attention-grabbing updates.

In the press release, GreenVision announced that the special purpose acquisition deal allowed Helbiz to raise $29.5 million. A large portion — $21.5 million — came from a private placement of 2.65 million shares. It turns out those privately placed shares will be quite critical for Helbiz. The press release also noted that, due to redemptions associated with extending its merger timeline, its float will fall below the Nasdaq requirement for 1 million free trading shares and a $15 million free trading public float. So, right away, Helbiz will be receiving a delisting notice.

Granted, Helbiz plans to immediately remedy that through those 2.65 million privately placed shares. But in the meantime, its incredibly low float was too juicy for investors to ignore. Calling it the “infinity squeeze,” some investors bid GRNV stock up as high as 130% today.

You can read more about the GRNV stock madness here.

What Else We’re Watching

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.


Article printed from InvestorPlace Media, https://investorplace.com/2021/08/what-did-the-stock-market-do-today-aug-13-3-big-stories-grnv-stock-redfin-stock/.

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