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Wild market rides continue — Midday Market Update

Why you shouldn’t expect settling anytime soon

The Ever Given has finally been released and Suez Canal operations have resumed, but the repercussions are just beginning. On this episode of Midday Market Update, Kaylee Nix and Michael Vincent get the full story about impacts from the canal crisis. 

In headlines, Andrew Cox covers the fallout looming over East Coast ports as imports start slogging in behind schedule and brings news of a burrito delivery tech investment. He also talks about the massive and sudden jump in retail purchases that came on the heels of the third stimulus check.

FreightWaves Market Expert Zach Strickland weighs in on the extreme tightness plaguing the freight markets in the Southeast currently, with outbound tender rejections creeping up on the record levels seen at Christmas and Thanksgiving. 

Vincent and Nix welcome Relay Payments President and co-founder Spencer Barkoff to talk about Relay’s growth since it secured $43 million in fundraising. Barkoff also discusses Relay’s huge partnership with LTL provider Old Dominion and how that partnership is leading to dominance in the LTL industry. 

K-Ratio’s Kyle Lintner joins the show to offer his thoughts on the market environment. To no one’s surprise, he agreed there is no letup in sight. Lintner talks about what he thinks the solution to the problems in the industry is and how the only thing that will help is time. 

Lastly FreightWaves Washington Correspondent John Gallagher joins to discuss Transportation Secretary Pete Buttigieg’s testimony about the Biden administration’s infrastructure priorities. Gallagher will join the next episode of MMU as President Joe Biden plans to announce more targeted infrastructure plans in the coming days. 

You can find more Midday Market Update episodes and recaps for all our live podcasts here.

Kaylee Nix

Kaylee Nix is a meteorologist and reporter for FreightWaves. She joined the company in November of 2020 after spending two years as a broadcast meteorologist for a local television channel in Chattanooga, Tennessee. Kaylee graduated from the University of Oklahoma in 2018 and immediately made the Tennessee Valley her home. Kaylee creates written summaries of FreightWaves live podcasts and cultivates the social media for FreightWaves TV.