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The markets just closed out a manic week

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.

A few places it's playing out...

Stocks: The tech-heavy Nasdaq Composite index fell 5% this week, its ugliest performance since October.

  • The "meme trade" reemerged, with GameStop stock gaining 156% this week, a record second only to ... that week in January.
  • Separately, the SEC suspended trading in 15 different penny stocks Friday "because of apparent social media attempts to inflate their stock price" — its latest action on this front, the agency said this afternoon.

Bonds: There was a rare, massive surge in yields, followed by a sharp reversal. This is not often a wild market, but a measure of bond volatility this week hit the highest level since last April, Bloomberg reports.

  • Inflation fears — and how the Federal Reserve will respond — hit a fever pitch. The 10-year government yield hit its highest level in a year (above 1.6%) on Thursday. It ultimately pulled back to 1.4% Friday.
  • The yield on a separate bond (the 5-year) saw the biggest single-day increase in over a decade on Thursday, per Tradeweb data.
  • And what you'll earn on dividends from the S&P 500 matched the return on the 10-year bond  — a pandemic-era first notched this week.

Then there's bitcoin: Prices fell roughly 20% this week, the worst drop since March.

  • A warning from soon-to-be public company Coinbase: The unveiling of Bitcoin's anonymous creator Satoshi Nakamoto and what he does with his stash could have a massive impact on the entire crypto market.

Corporate America begins to see fallout after wading into politics

Corporate America is finding it can get messy when it steps into politics.

Why it matters: Urged on by shareholders, employees and its own company creeds, Big Business is taking increasing stands on controversial political issues during recent months — and now it's beginning to see the fallout.

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Church shelters call out U.S. for expelling migrants when they have capacity

Despite the separation between church and state, the federal government depends upon religious shelters to help it cope with migration at the U.S.-Mexico border.

Why it matters: The network supports the U.S. in times of crisis, but now some shelter leaders are complaining about expelling families to Mexico when they have capacity — and feel a higher calling — to accommodate them.

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Derek Chauvin's guilty verdict in the murder of George Floyd is the rare officer conviction

Derek Chauvin, the former Minneapolis police officer who was shown kneeling on George Floyd's neck last year in a video that shook the nation, was found guilty of murder and manslaughter on Tuesday.

Yes, but: Eight years after the launch of the Black Lives Matter movement, it's still rare for police officersto face legal consequences or jail time over the deaths of Black people.

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Senate confirms Lisa Monaco as Justice Department's deputy attorney general

The Senate voted 98-2 on Tuesday to confirm Lisa Monaco as deputy attorney general for the Justice Department, making her the agency's second highest-ranking official.

Why it matters: Monaco is expected to play a key role in Attorney General Merrick Garland's pledge to crack down on violence from domestic extremist groups, including the department's sweeping investigation of the deadly Jan. 6 Capitol riot.

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Minneapolis reflects on Chauvin verdict as a step toward healing and calm

A growing crowd outside the Hennepin County Government Center broke out into cheers, hugs and tears of relief as word of the Derek Chauvin verdict spread just after 4pm CST.

Catch up quick: Eleven months after George Floyd died under the former Minneapolis police officer's knee, a jury of 12 neighbors returned a guilty verdict on all three counts.

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"Painfully earned justice has finally arrived for George Floyd’s family": Nation reacts to Chauvin verdict

America is speaking out after the jury in Derek Chauvin's trial announced its guiltyverdict after about 10 hours of deliberation.

What they're saying...

Ben Crump, Floyd family lawyer: "GUILTY! Painfully earned justice has finally arrived for George Floyd’s family ... Justice for Black America is justice for all of America!"

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Derek Chauvin found guilty of all 3 charges in George Floyd's death

A jury on Tuesday found former Minneapolis police officer Derek Chauvin guilty of second-degree murder, third-degree murder and second-degree manslaughter in George Floyd's death.

Why it matters: This rare conviction of a police officer may come to be seen as a defining moment in America's collective reckoning with issues of race and justice.

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Super League in super trouble

The European Super League is on the brink before it even manages to launch.

The state of play: Two key English teams — Chelsea and Manchester City — are reportedly preparing to exit just two days after the league announced its formation, ESPN notes.

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