What Did the Stock Market Do Today, Aug. 23? 3 Big Stories to Catch Up On.

What a historic day on Wall Street! The U.S. Food and Drug Administration ushered in a pandemic victory, and the Nasdaq Composite pushed forward to a new record high. So beyond making milestones, what else did the stock market do today?

Street sign for Wall Street pictured in front of several American flags representing american stocks

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  • The S&P 500 closed up by 0.85%
  • The Dow Jones Industrial Average closed up by 0.61%
  • The Nasdaq Composite closed up by 1.55%

So what else did the stock market do today? Here are some of the top stories.

What Did the Stock Market Do Today? Get Vaxxed.

This morning, the U.S. Food and Drug Administration marked a milestone in the battle against the Covid-19 pandemic. Regulators issued full approval to a vaccine from Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX), months after a federal rollout began.

This is a clear victory for the duo — their vaccine is the first to receive such approval. It also checks an important box in terms of what comes next in the pandemic. With delta variant concerns raging, full vaccine approval will likely pave the way for larger-scale vaccine mandates. As CNBC reported, this decision will give companies, universities and other schools more leverage in issuing such mandates.

Additionally, it may also convince more individuals to get vaccinated. One survey suggests that three out of 10 unvaccinated adults are willing to receive a fully approved vaccine. This could help the U.S. reach immunity thresholds and dampen delta fears.

Considering all this, it makes sense that Pfizer stock and BNTX shares closed in the green today. Moderna (NASDAQ:MRNA) shares also closed higher by nearly 8%, and its vaccine could see full approval in the coming weeks.

The vaccine victory also lifted reopening plays. One such winner on Monday was AMC Entertainment (NYSE:AMC), the beloved movie theater operator. The logic follows that, with full approval, more patrons could find themselves in movie theaters soon. Additionally, vaccine mandates or just wider adoption could make indoor activities safer.

Pelosi Gives EV Stocks a Boost

House of Representatives Speaker Nancy Pelosi gave electric vehicle stocks a boost — and also lifted other clean energy sectors. The Democrat wrote in a letter on Saturday that her intent is to push forward a $1 trillion infrastructure bill. As she explains, the House is working to pass both the bipartisan bill and a Democrat-led budget plan by Oct. 1.

Importantly for investors, this open letter appears to be serving as a new reason for confidence in infrastructure plays. With lawmakers out on recess, there has been less chatter around the bill, which recently passed in the Senate.

So what did that mean on Monday? Importantly, we saw a handful of electric vehicle stocks climb. Tesla (NASDAQ:TSLA) gained, but so did lesser-known plays like Canoo (NASDAQ:GOEV) and Romeo Power (NYSE:RMO). Charging company ChargePoint (NYSE:CHPT) also closed higher by roughly 3.3%.

We also saw hydrogen-focused companies gain. Beyond Pelosi, talk out of China around a commitment to green hydrogen appears to be playing a role in this rally. As InvestorPlace contributor Chris McDonald highlighted, FuelCell Energy (NASDAQ:FCEL) and Plug Power (NASDAQ:PLUG) were some of the top gainers in this industry today.

What Else We’re Watching

  • Solana (CCC:SOL-USD) recently became the No. 10 cryptocurrency by market capitalization, taking even some crypto fanatics by surprise. It seems the support of Redditors and a growing non-fungible token business have helped SOL. So where is the red-hot cryptocurrency going? Read the latest price predictions from InvestorPlace Assistant News Writer Brenden Rearick here.
  • Elsewhere in the crypto world, Coinbase (NASDAQ:COIN) is working to restore confidence in USD Coin (CCC:USDC-USD). The company promised on Monday that by September, the stablecoin will be 100% backed by cash and U.S. Treasury notes.
  • Mark your calendars and get ready for fall! Tomorrow Starbucks (NASDAQ:SBUX) will kick off the season through launching its beloved Pumpkin Spice Latte.
  • One of the top gainers today was little-known Trillium Therapeutics (NASDAQ:TRIL). Shares of TRIL stock closed higher by 188% after Pfizer (NYSE:PFE) announced it would acquire the company in a $2.3 billion deal.

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Sarah Smith is the Editor of Today’s Market with InvestorPlace.com

Article printed from InvestorPlace Media, https://investorplace.com/2021/08/what-did-the-stock-market-do-today-aug-23-3-big-stories-to-catch-up-on/.

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