What a busy day on Wall Street. The major indices changed course several times, Americans received new Covid-19 guidance and Redditors had a field day. So what else did the stock market do today? Dive in with InvestorPlace below.
The S&P 500 and Nasdaq Composite both ended the day in the red, down 0.54% and 2.41%. In a turnaround move, the Dow Jones Industrial Average actually gained 0.97%.
So what else did the stock market do today? Take a look at these three top stories.
What Did the Stock Market Do Today? Praise the CDC.
New guidance from the Centers for Disease Control and Prevention today is a taste of freedom and hopefully a sign of more reopening moves to come.
This afternoon, the CDC said that fully vaccinated Americans could socialize indoors without masks on. Additionally, those who are fully vaccinated are safe to socialize with unvaccinated or partially vaccinated Americans indoors. As Roni Caryn Robin wrote for the New York Times, this is largely targeted at grandparents and elderly individuals who have been waiting to see family members.
Although exciting, the new CDC guidance is far from a free-for-all. Experts still say that even fully vaccinated individuals should wear masks and social distance in public. Additionally, experts do not currently recommend travel or large indoor events.
So what does this mean for investors? There is great reason for optimism. The CDC is starting to meaningfully ease restrictions, suggesting more freedom is to come. This bodes well for reopening plays like American Airlines (NASDAQ:AAL), Carnival (NYSE:CCL) and Disney (NYSE:DIS). Plus, in the near future, we should also get a closer look at vaccine data from AstraZeneca (NASDAQ:AZN). As Ben Fidler wrote for BioPharma Dive, this vaccine has not had a perfect trajectory. However, it is already available in 50 countries and Phase 3 results should be available soon. If all goes well, the U.S. could have a fourth vaccine in its Covid-19 arsenal.
Reddit Stocks Take a Trip to the Moon
Another day, another rally in Reddit stocks.
As usual, GameStop (NYSE:GME) led the way. Early this morning, the video game retailer announced it had launched a new strategic committee under the leadership of Ryan Cohen. The activist investor and board member has long been stoking turnaround hype. Now, he has the authority to make GameStop a tech and e-commerce business, and he is already shaking up the C-Suite.
GME stock promptly shot higher, but it took its r/WallStreetBets peers along for the ride. AMC Entertainment (NYSE:AMC) similarly rallied, gaining on a bullish analyst note. Audio equipment maker Koss (NASDAQ:KOSS) joined in on the fun, as did mall retailer Express (NYSE:EXPR). It seems that these Reddit stocks need no further catalyst than a move in GME to enjoy gains.
So what does this mean for investors?
Right now, it is clear that r/WallStreetBets and the broader retail market is powerful. Retail investors are continuing to flex their muscles and rally behind GME and its peers.
However, it is unclear exactly what the GameStop turnaround story will look like. CFO Jim Bell has so far resigned, opening the door for a more tech-savvy exec. Plus, GameStop shared that it was appointing a chief technology officer and creating positions to manage e-commerce and customer care. Beyond that though, details were few on its trajectory. Somehow though, Cohen needs to make GameStop into a tech-first business. All eyes will be on him… and the moon… until he succeeds.
EV Stocks Charge Up
Recent trading days have not been easy for electric vehicle stocks, but many top names in the space were turning things around on Monday.
So what did you miss? One of the biggest announcements came from Workhorse (NASDAQ:WKHS). The electric truck startup was hit hard by news the U.S. Postal Service contract would go to Oshkosh (NYSE:OSK). However, WKHS stock got a boost today. It turns out that the U.S. House of Representatives also has some concerns about the contract. Does this mean there is hope for Workhorse? Investors need to stay tuned.
Additionally, Ayro (NASDAQ:AYRO) is rallying on news of its new electric vaccine vehicle. Other gainers include Canoo (NYSE:GOEV), Blink Charging (NASDAQ:BLNK) and battery play QuantumScape (NYSE:QS). For bulls, hopefully price action today means the end of an EV stocks slump.
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.