Stock Market Today: Facebook Shops; Amazon Acquires J.C. Penney?

Here's what happened in the stock market today

It was a relatively quiet session in the stock market today. Volatility did pick up a bit near the close on Tuesday, with the S&P 500 ending lower by 1.05%.

That’s after Monday’s robust rally as bulls continue to push the current rally higher. The move was sparked by somewhat reassuring comments from Federal Reserve Board Chair Jerome Powell. Positive data points from Moderna (NASDAQ:MRNA) helped, too.

Yesterday, the company announced positive results from its Phase 1 trial for a novel coronavirus vaccine. All patients responded well and had developed antibodies by the end of the trial. And now, Moderna isn’t letting a good opportunity go to waste.

The company announced that it will raise $1.3 billion in new equity. Moderna’s public offering included 17.6 million shares each priced at $76.

Shares fell about 10.4% on the day.

Big Tech Making Moves?

Facebook (NASDAQ:FB) will be launching a new feature called Facebook Shops, making shopping even more convenient. It will allow companies to list products for sale directly through the Facebook and Instagram apps.

Eventually, businesses will be allowed to directly sell customers their products via Messenger, Instagram Direct and WhatsApp. Companies will also be able to tag products while live-streaming.

Facebook was up about 1.7% in the stock market today.

According to reports, Amazon (NASDAQ:AMZN) is reportedly in talks with J.C. Penney (NYSE:JCP). After J.C. Penney just filed for bankruptcy, Amazon is hoping to make a deal and expand its apparel business. While it’s definitely not a done deal, Amazon hopes to acquire all or parts of the company, as well as possibly using some JCP locations for new distribution sites.

Movers in the Stock Market Today

Pier 1 Imports (OTCMKTS:PIRRQ) will most likely be added to the list of retailers that have filed for bankruptcy. After recent struggles to stay afloat, the company failed to find a buyer during the pandemic and now plans to wind down its business.

As the country starts to reopen, the Las Vegas strip is also coming back alive. Las Vegas Sands (NYSE:LVS) announced that the Venetian Resort will be following Wynn Resorts (NASDAQ:WYNN) and begin taking reservations starting June 1.

The Venetian tower will open first, followed by the Palazzo tower at a later date. Following all given regulations, guests will be able to enjoy over a dozen restaurants, a newly renovated pool deck, retail outlets and, of course, a full-service casino.

Apple (NASDAQ:AAPL) TV+ surpassed 10 million subscribers in February and is continuing to build its inventory. Apple first launched with an approach of using mostly original content. Apple TV+ has 30 originals, with more added monthly.

Now, the company is building up a back catalog by buying the rights to older Hollywood movies and shows. Apple TV+ is adding to its library as it continues to compete with other established platforms such as Netflix (NASDAQ:NFLX) and Amazon Prime Video.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Kenwell is long AAPL. 


Article printed from InvestorPlace Media, https://investorplace.com/2020/05/stock-market-today-facebook-shops-amazon-acquires-j-c-penney/.

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