Equities were prepping for a marathon today, with gains in the S&P 500, Dow Jones Industrial Average and the Nasdaq Composite. In fact, there was a ton of green in the market. So what did the stock market do today? And what do you need to know? Dive in with InvestorPlace below.
To start, afternoon top movers were an eclectic bunch. Little-known Morphic Holdings (NASDAQ:MORF) rocketed higher after sharing data on its inflammatory bowel disease treatment. Nio (NYSE:NIO) kept its stop spot ahead of its fourth-quarter earnings report. Ascent Solar (OTCMKTS:ASTI) similarly soared on news of a test spaceflight contract with NASA.
So what else did the stock market do today? Here is a look at three of the top stories to catch up on.
What Did the Stock Market Do Today? Flirt With Reddit Names.
GameStop (NYSE:GME) is more resilient than a cat with nine lives.
Once again, we saw a rally in Reddit stocks today. GameStop was up by as much as 20% on Monday, with peers AMC Entertainment (NYSE:AMC), BlackBerry (NYSE:BB) and Nokia (NYSE:NOK) gaining. So what happened this time?
For now, we can consider this as a continuation of last week’s frenzy. GameStop CFO Jim Bell resigned, triggering turnaround hopes for struggling GameStop. If activist investor and board member Ryan Cohen can flex his muscles to replace Bell, we could see a new CFO with a background in e-commerce and tech. That could help transform GameStop from a video game dinosaur to a cutting-edge business, or so the story goes. And to be fair, InvestorPlace Markets Analyst Tom Yeung sees a path for GME stock to hit $500. But if retail investors want to send it to the moon, they need to back Cohen. This means participating as activist investors and buying shares to hold.
There is one thing to watch. Tomorrow, Gary Gensler and Rohit Chopra will go before the Senate Banking, Housing and Urban Affairs Committee. Investors can expect them to shed insight on meme stocks, cryptocurrencies, climate change and student loans. As a reminder, President Joe Biden has picked Gensler to lead the U.S. Securities and Exchange Commission. Chopra is his pick to head the Consumer Financial Protection Bureau.
For Reddit stocks like GME, pay close attention to any discussion of social media. Rocket ship and diamond emojis may just be found to have an influential role in the stock run-up.
Bitcoin Bears Need a Dose of Regretamine
New drug coming out called Regretamine. Pop one & all regrets are gone.
— Elon Musk (@elonmusk) March 1, 2021
I am not going to pretend to fully understand what Elon Musk is talking about, but his magic pill sounds like just the trick for Bitcoin (CCC:BTC) bears. Last week, fueled on by concerns of overvaluation, BTC and other cryptocurrencies pulled back. The leading crypto went from an all-time high of $58,000 to a low of $44,000. Despite it all though, bulls knew higher prices were in store.
We started to see that today. Citi released a bullish report on Bitcoin, commenting on the fact it is at a turning point. The analysts went so far as to say it is seriously entering the mainstream, and that it could be the top currency for international trade.
As went Bitcoin, so did other blockchain and crypto mining stocks. SOS (NYSE:SOS) closed higher by more than 40%, spurred on by a response to short-sellers. Canaan (NASDAQ:CAN) and Marathon Digital Group (NASDAQ:MARA), which recently rebranded, similarly soared on Monday. Riot Blockchain (NASDAQ:RIOT), another popular company in the space, gained 22% on the day.
In other words, watch out world! Bears should take their dose of regretamine, and get ready for the crypto bull rally. Some analysts see BTC prices climbing as high as $1 million.
EV Stocks Got a Turbo Charge
Electric vehicle stocks just woke up from a long winter nap, and today saw shares of key industry players shoot higher.
Nio closed higher after confirming international expansion plans, and ahead of its Q4 report. Ideanomics (NASDAQ:IDEX) climbed on news of a stock sale. Workhorse (NASDAQ:WKHS) is fighting back against the U.S. Postal Service. Hyliion (NYSE:HYLN) thinks its Hypertruck can be first to market against the Tesla (NASDAQ:TSLA) all-electric semi trucks. Everywhere you looked in the stock market today, it was clear that these were the top companies to watch.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.