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What Did the Stock Market Do? Feb. 22, 2021

Latest Updates:

S&P 500, Nasdaq Close Down

[Monday, February 22, 4:18 pm]
Contributed by Sarah Smith

  • The S&P 500 closed down 0.77%
  • The Dow Jones Industrial Average closed up 0.09%
  • The Nasdaq Composite down 2.46%
  • The Russell 2000 closed down 0.69%

FDA Eases Path for Covid-19 Vaccine Makers

[Monday, February 22, 3:18 pm]
Contributed by Sarah Smith

The U.S. Food and Drug Administration just gave vaccine makers a hand, and investors should be excited. Essentially, the regulatory agency is taking steps to speed up reactions to emerging virus strains like those from the United Kingdom and South Africa. Right now, these strains are the focus of public health conversations. Test kit makers are working to prove they can accurately diagnose the strains, and consumers want to make sure existing vaccines protect against them. Just last week, Empower Clinics (OTCMKTS:EPWCF) soared on news its tests could do just that.

However, investors have been worried. Vaccine makers have already staged massive efficacy trials that include thousands of volunteers. Will they have to do the same to prove efficacy against the U.K. strain? Today, the FDA eased those concerns.

According to new guidance, drugmakers will not have to replicate these standard efficacy trials. Instead, like with annual flu vaccines, they will just need to run immunogenicity trials. These test the immune response in individuals who have received a vaccine.

Despite the good news, Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA) and BioNTech (NASDAQ:BNTX) are down in intraday trading.

Airline Stocks Soar on Analyst Upgrades

[Monday, February 22, 3:11 pm]
Contributed by Sarah Smith

Just like cruise stocks, airline stocks are getting a reopening boost today.

This time, Deutsche Bank analyst Michael Linenberg is leading the way. He upgraded the entire sector to a buy rating, recognizing the upside potential in a reopening rally. He also thinks that rally may start sooner than expected, with statistics on new cases, hospitalizations and deaths improving. Also like with cruises, the theory is that once it is safe to travel, consumers will start to do en masse.

American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Delta Air Lines (NYSE:DAL) were some of the biggest winners, although most names in the sector were moving. The timeline for such a rally is unclear, but that is not giving Linenberg too much pause. Especially with recent improvements in the mass vaccination rollout, airlines and cruise operators are confident in year-end progress.

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

Royal Caribbean Gives Cruise Stocks a Boost

[Monday, February 22, 1:32 pm]
Contributed by Sarah Smith

Royal Caribbean (NYSE:RCL) reported earnings today, and not everything was great. The quarterly loss per share was staggering compared to year-over-year figures. Revenue represented a major plunge. However, one number gave investors reason to support the industry and bet on a reopening rally.

That figure came down to reservations. According to Royal Caribbean, reservations are up 30% at the beginning of the year compared to November and December. Essentially, this means that it seems consumers are more than ready to set sail when safe to do so. Now, cruise stocks are just waiting on the Centers for Disease Control and Prevention, and the Covid-19 pandemic, to get ships out in open water.

Royal Caribbean, Carnival (NYSE:CCL) and Norwegian Cruise (NYSE:NCLH) are rallying today.

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

Midday Update: Stocks Mixed in Afternoon Trading

[Monday, February 22, 12:56 pm]
Contributed by Sarah Smith

  • The S&P 500 is down 0.35%
  • The Dow Jones Industrial Average is up 0.31%
  • The Nasdaq Composite is down 1.54%
  • The Russell 2000 is up 0.36%

3 Big Stories to Watch Today

[Monday, February 22, 11:06 am]
Contributed by Sarah Smith

  1. Cryptos dip, bulls focus laser eyes. Bitcoin (CCC:BTC) rocketed to a new all-time high above $58,000, fueled by a bullish new cycle and historic levels of mainstream support. Along with it, a handful of lesser-known cryptocurrencies hit all-time highs of their own. However, even as celebrities and legendary investors back the space with laser eyes, BTC is stumbling. Bitcoin is now trading near $48,000, and some analysts see more downside in store. What should investors do? Keep calm. The crypto space has been powering higher on legitimate catalysts, and this may just be a temporary dip after a massive rally. Plus, Tesla (NASDAQ:TSLA) has made $1 billion in profit off its Bitcoin investment already.
  2. Oil, oil, oil. It is no secret that oil prices fell victim to Covid-19, with a supply-demand imbalance, a price war and a major drop off in manufacturing activity. However, looking at reopening catalysts, analysts at Goldman Sachs are confident that things are changing. In fact, they have raised their year-end price target on the commodity. They are forecasting that West Texas Intermediate (WTI) will reach $72 by the third quarter, while Brent crude will reach $75. This comes as WTI trades for $61 and Brent trades for $64.60.
  3. Inflation and reopening. This is far from a pretty start to the week, with the major indices and red-hot cryptocurrencies lagging. And according to many experts, it is all thanks to rising fears of inflation. Yields on the 10-year Treasury note hit a one-year high and copper prices are rallying. What do you need to know? Well, as part of this, Emily McCormick wrote for Yahoo Finance that investors may move away from tech stocks in favor of assets that will benefit more from a post-pandemic recovery. Consider this as you eye your portfolio in the coming weeks and months.

Major Indices Launch Monday in the Red

[Monday, February 22, 9:32 am]
Contributed by Sarah Smith

  • The S&P 500 opened lower by 0.66%
  • The Dow Jones Industrial Average opened lower by 0.55%
  • The Nasdaq Composite opened lower by 1.12%
  • The Russell 2000 opened higher by 2.18%

Boeing Stock Dips on 777 Suspension, Flight 328 News

[Monday, February 22, 8:51 am]
Contributed by Sarah Smith

Boeing (NYSE:BA) stock is down roughly 3% in pre-market trading after United Airlines Flight 328 made an emergency landing over the weekend. The plane, a Boeing 777 with a Pratt & Whitney PW4000 engine, experienced “catastrophic failure.” No one on board the plane or on the ground was injured, but the news once again sees Boeing planes — and their safety — in question.

In the aftermath, United Airlines (NASDAQ:UAL) said it would temporarily remove similar aircraft from service. Boeing itself said it supported the move, and recommended the suspension of its 69 in-service and 59 in-storage 777 aircraft powered by that Pratt & Whitney engine. The Federal Aviation Administration is also calling on United to up its inspection processes following the emergency landing.

Investors likely see this incident as too close for comfort. Even though the emergency landing was non-fatal, Boeing has been working hard to improve its reputation following two fatal crashes with its 737 MAX aircraft. With those planes once again flying, anything that paints its fleet as unsafe will weigh on BA stock.

Raytheon Technologies (NYSE:RTX), which includes the Pratt & Whitney brand, is down more than 2% in pre-market trading.

Stock Market Futures Point to Lower Open

[Monday, February 22, 8:01 am]
Contributed by Sarah Smith

  • S&P 500 futures are down 0.76%
  • Dow Jones Industrial Average futures are down 0.55%
  • Nasdaq Composite futures are down 1.36%
  • Russell 2000 futures are down 0.74%
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Article printed from InvestorPlace Media, https://investorplace.com/stock-market-live-updates-monday-stock-market-today-news-02222021/.

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