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

Latest Updates:


Major Indices All Set All-Time Highs

[Monday, February 8, 4:15 pm]
Contributed by Sarah Smith

  • The S&P 500 closed higher by 0.74% to 3,915.59
  • The Dow Jones Industrial Average closed higher by 0.76% to 31,385.76
  • The Nasdaq Composite closed higher by 0.95% to 13,987.64
  • The Russell 2000 closed higher by 2.41% to 2,287.04

 


9 Stocks to Watch After Bitcoin Sets All-Time High

[Monday, February 8, 2:59 pm]
Contributed by Sarah Smith

Bitcoin (CCC:BTC) set a new all-time high above $44,000 today, largely on news that Tesla (NASDAQ:TSLA) would make a $1.5 billion investment. While this new record has bulls excited — and eyeing Bitcoin price predictions near $600,000 — not all investors feel comfortable with directly buying cryptocurrencies. It comes with a learning curve, and in recent weeks, we have seen just how costly it can be to lose your digital wallet password. With that in mind, some may prefer alternate paths to invest in Bitcoin. Tesla stock just became one.

Beyond Tesla, there are a variety of non-crypto stocks benefitting from BTC exposure. Some keep Bitcoin on their balance sheets. Others allow banking customers to buy, sell and hold cryptos. Still, others represent the growing institutional support Bitcoin faces.

Nine of these stocks stand out. You can read the full roundup from InvestorPlace.com here.


Facebook Launches Crackdown on Vaccine Misinformation

[Monday, February 8, 1:24 pm]
Contributed by Sarah Smith

Facebook (NASDAQ:FB) once again finds itself in the crosshairs of misinformation worries. Today, the social media giant is partially reversing on one of its earlier policy stances. After CEO Mark Zuckerberg said the company would not regulate vaccine misinformation in the same way it regulates broader Covid-19 misinformation, Facebook is rolling out a four-part plan to do just that. Here are the steps:

  1. Updating misinformation policies to bar “debunked” claims, like allegations that vaccines cause autism.
  2. Add directions on where and how users can get vaccinated.
  3. Give $120 million in ad credits to help non-profits, nongovernmental organizations and United Nations agencies share Covid-19 information and other preventive health tips.
  4. Make it harder to find misinformation. When users search for “debunked” claims, the platform will return legitimate information about the Covid-19 vaccine.

FB stock is down less than 1% at the time of this writing.


Midday Update: Stocks Remain Positive

[Monday, February 8, 1:18 pm]
Contributed by Sarah Smith

  • The S&P 500 is up 0.34%
  • The Dow Jones Industrial Average is up 0.42%
  • The Nasdaq Composite is up 0.52%
  • The Russell 2000 is up 1.79%

Blockchain Stocks Rally on Bitcoin's Record Price

[Monday, February 8, 12:09 pm]
Contributed by Sarah Smith

One of the biggest stories in the stock market today is that Tesla (NASDAQ:TSLA) is investing $1.5 billion in Bitcoin (CCC:BTC). It signifies a major leap forward in institutional support for the cryptocurrency, especially as Tesla plans to allow its customers to purchase products with BTC. However, it also signifies a growing interest in other plays in the crypto market.

Some see TSLA stock now as a great way to invest in Bitcoin. If you are bullish on the crypto space but are not familiar with the mechanisms of crypto wallets — or simply do not want to remember another password — some are recommending Tesla as a good bet. That is also likely the reason for the rally today in companies like Square (NYSE:SQ), which also keeps Bitcoin on its balance sheet.

However, one unique opportunity is present today in blockchain stocks like Marathon Patent Group (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT). Both equities are up around 30% today as Bitcoin hits an all-time high. Why? Marathon keeps some Bitcoin on its balance sheet, as it pivots to being a pure play on the crypto. However, both are also mining companies that promise to support the broader blockchain ecosystem. That makes them interesting stocks to keep on your radar now.

For more, read the InvestorPlace.com brief on blockchain stocks here.


3 Big Stories to Watch Today

[Monday, February 8, 11:11 am]
Contributed by Sarah Smith

  1. Tesla and crypto. We all know that Elon Musk is a cryptocurrency enthusiast, but now his Tesla (NASDAQ:TSLA) is making a big bet. According to a U.S. Securities and Exchange Commission filing, the electric vehicle company is investing $1.5 billion in Bitcoin (CCC:BTC). Additionally, the company says it will start accepting Bitcoin as a form of payment for its products in the near future. TSLA stock is up 2.1% in intraday trading, and BTC is up more than 14% after setting an all-time high above $44,000.
  2. Cryptocurrencies… besides Bitcoin: Bitcoin is not alone in its rally today. While some cryptocurrency plays like the Grayscale Bitcoin Trust (OTCMKTS:GBTC) and Riot Blockchain (NASDAQ:RIOT) are rallying in sympathy with the leading crypto, others have their own catalysts. For instance, Dogecoin (CCC:DOGE) hit its own all-time high above 8 cents thanks to celebrity support. Musk once again was on the meme train, but this time he had some friends. Snoop Dogg, Gene Simmons and Kevin Jonas all used their social media to promote DOGE and engage with Musk. Together, the group appears responsible for the record rally.
  3. Stimulus, stimulus, stimulus. How many times have investors been rooting rooting for an additional novel coronavirus stimulus package? It feels like a lot, but here we are again. President Joe Biden unveiled a proposal for a $1.9 trillion stimulus package. He believes such a spending bill can help jumpstart the economy and ramp up testing and vaccination efforts. Additionally, his plan would provide funding for local governments and public schools, which would help other hard-hit elements of society. Democrats have already passed the bill without Republican input. Now, Treasury Secretary Janet Yellen is once again throwing her weight behind the initiative. She said that if it passes, employment could be at normal levels by this time next year. That sounds like a great catalyst for the stock market.

Major Indices Launch Monday Higher

[Monday, February 8, 9:33 am]
Contributed by Sarah Smith

  • The S&P 500 opened higher by 0.46%
  • The Dow Jones Industrial Average opened higher by 0.4%
  • The Nasdaq Composite opened higher by 0.59%
  • The Russell 2000 opened higher by 1.4%

Palantir Climbs on IBM Deal

[Monday, February 8, 9:29 am]
Contributed by Sarah Smith

Palantir (NYSE:PLTR) is on the move Monday after announcing a new deal with International Business Machines (NYSE:IBM). At the heart of the excitement is the fact that Palantir is boosting its sales capabilities through partnering with IBM.

Investors likely know that Palantir is all about its data analytics software. However, they may not be familiar with the sales process. Where things stand now, its sales reps require extensive training to be able to explain the products and attract customers. In order to ramp that process up, Palantir will need to invest money in recruiting and training reps. Through its deal with IBM, the company now will have access to 2,500 sales representatives. That compares to the 30 on its payroll.

The bottom line then? PLTR stock just got a long-term boost, and a ticket to attracting all sorts of new customers.

For more, read the InvestorPlace.com brief on PLTR stock here.


Stock Market Futures Point to Positive Open

[Monday, February 8, 7:45 am]
Contributed by Sarah Smith

  • S&P 500 futures are up 0.32%
  • Dow Jones Industrial Average futures are up 0.45%
  • Nasdaq Composite futures are up 0.26%
  • Russell 2000 futures are up 0.52%

Loading content...


Article printed from InvestorPlace Media, https://investorplace.com/stock-market-live-updates-monday-stock-market-today-news-02082021/.

©2021 InvestorPlace Media, LLC