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What Did the Stock Market Do? Jan. 8, 2021

Latest Updates:


Stocks Close Out Week in the Green

[Friday, January 8, 4:03 pm]
Contributed by Sarah Smith

  • The S&P 500 closed higher by 0.55%
  • The Dow Jones Industrial Average closed higher by 0.18%
  • The Nasdaq Composite closed higher by 1.03%
  • The Russell 2000 closed lower by 0.45%

Biden Plans to Release More Vaccine Doses

[Friday, January 8, 2:58 pm]
Contributed by Sarah Smith

President-elect Joe Biden announced on Friday that he would break with current Operation Warp Speed plans and ultimately release more doses of Covid-19 vaccines. Current vaccine distribution plans call for holding back some available doses to guarantee individuals get their second dose of the Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) vaccines on time. Under the new proposal, more of those available doses will make their way to states for first-round vaccinations.

Additionally, comments from Biden underscore the slower-than-anticipated vaccine rollout. As part of this, it appears that delays in physically administering the vaccines have weighed on the process.

MRNA stock is down in intraday trading. PFE is slightly higher.


Major Indices Launch Friday Near Highs

[Friday, January 8, 9:32 am]
Contributed by Sarah Smith

  • The S&P 500 opened higher by 0.43%
  • The Dow Jones Industrial Average opened higher by 0.29%
  • The Nasdaq Composite opened higher by 0.72%
  • The Russell 2000 opened higher by 1.89%

3 Big Stories to Watch

[Friday, January 8, 9:20 am]
Contributed by Sarah Smith

  1. Cryptos, cryptos, cryptos. Bitcoin (CCC:BTC) set yet another all-time high this morning above $41,000 — clocking in at $41,762 to be exact. This comes after crossing $40,000 yesterday and $35,000 just the day prior. Although investors continue to celebrate these moves, some are feeling a little cautious. Remember, it was less than a month ago that bitcoin crossed $20,000. So if you are eyeing the new high above $41,000 today, what should you do? According to CoinDesk, many experts agree that there will likely be a correction. However, given the catalysts behind the crypto space, prices should ultimately keep heading higher.
  2. December jobs. Yikes. This morning brought the worst sort of economic surprise. Leading up to the December jobs report, economists were predicting the U.S. had added 50,000 jobs. Instead, the U.S. lost 140,000 jobs over the month of December. Importantly, this marks the first month of negative job growth since April 2020. Will the upcoming inauguration of President-elect Joe Biden bring further stimulus measures and spark job growth? Bulls sure are hoping so.
  3. Covid-19 takes its toll. More than 4,000 people in the U.S. died from Covid-19 on Thursday, setting a dreadful record as cases, hospitalizations and deaths continue to rise. Based on just the first week, experts are already predicting that January will be the deadliest month of the pandemic yet. The U.S. is not alone in this situation. Today, the United Kingdom also shared that London hospitals are overwhelmed. Investors largely continue to shrug off rising case counts and daily deaths, focusing instead on the vaccine rollout. With that in mind, the United Kingdom has approved the Moderna (NASDAQ:MRNA) vaccine for use, giving it a total of three vaccines in its arsenal. MRNA stock is up slightly in pre-market trading.

Stock Market Futures Positive to Wrap Up Week

[Friday, January 8, 9:00 am]
Contributed by Sarah Smith

  • S&P 500 futures are up 0.36%
  • Dow Jones Industrial Average futures are up 0.3%
  • Nasdaq Composite futures are up 0.62%
  • Russell 2000 futures are up 0.5%
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