What Did the Stock Market Do? Feb. 4, 2021

Latest Updates:

Stocks Close Higher on Thursday

[Thursday, February 4, 4:33 pm]
Contributed by Sarah Smith

  • The S&P 500 closed higher by 1.09%
  • The Dow Jones Industrial Average closed higher by 1.08%
  • The Nasdaq Composite closed higher by 1.23%
  • The Russell 2000 closed higher by 1.98%


5 Stocks to Watch Before the Super Bowl

[Thursday, February 4, 4:28 pm]
Contributed by Sarah Smith

This year, the Super Bowl will certainly look different. Gone will be the large crowds, watch parties and even the infamous Clydesdale horses.

Yes, the Clydesdales. Anheuser-Busch InBev (NYSE:BUD), Coca-Cola (NYSE:KO), PepsiCo (NASDAQ:PEP) and a handful of other standard advertised just changed their minds this year. For some companies, it is a reflection of pandemic struggles. For others, it is more of a sign that things are changing. As privately held Avocados From Mexico put it, no one will be sharing bowls of guacamole during the Super Bowl this year. With that in mind, a commercial just may not make all that much sense.

However, a handful of first-time Super Bowl commercial buyers will be taking their place. Those companies represent winning stocks — names you may want to put in your portfolio.

  1. Chipotle (NYSE:CMG)
  2. Fiverr (NYSE:FVRR)
  3. DraftKings (NASDAQ:DKNG)
  4. Vroom (NASDAQ:VRM)
  5. DoorDash (NYSE:DASH)

For more, read the InvestorPlace.com brief here.

Midday Update: Dow Adds Nearly 300 Points

[Thursday, February 4, 2:04 pm]
Contributed by Sarah Smith

  • The S&P 500 is up 0.87%
  • The Dow Jones Industrial Average is up 0.89%
  • The Nasdaq Composite is up 0.9%
  • The Russell 2000 is up 1.8%

7 Stocks Feeling the Crunch of the 2021 Chip Shortage

[Thursday, February 4, 1:51 pm]
Contributed by Sarah Smith

Chipmakers are struggling to keep up with demand, and experts are not sure when they will. Right now, automakers and consumer electronics companies are being forced to cut production because they do not have enough chips. Seven companies are particularly at risk as the chip shortage carries on:

  • General Motors (NYSE:GM)
  • Ford (NYSE:F)
  • Volkswagen (OTCMKTS:VWAGY)
  • Honda (NYSE:HMC)
  • Toyota (NYSE:TM)
  • Microsoft (NASDAQ:MSFT)
  • Sony (NYSE:SNE)

For more, read the InvestorPlace.com brief here.

3 Big Stories to Watch Today

[Thursday, February 4, 10:33 am]
Contributed by Sarah Smith

  1. Unemployment. You know the story here. Layoffs and job losses remain incredibly elevated compared to pre-pandemic levels. However, there are surprises here and there, like news today that weekly initial jobless claims hit a two-month low. This morning, we learned that 779,000 Americans filed for those initial unemployment benefits, beating estimates for 830,000. Also of note to investors is the fact that the latest number is down significantly from 812,000 last week. Where do we go from here? Short-term projects mostly call for much of the same volatility. However, long-term hopes are resting on President Joe Biden, Congressional stimulus moves and a hopefully improving national Covid-19 vaccine rollout.
  2. All about antitrust. Mega-cap tech companies like Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN) continue to set earnings records. In fact, as Ina Fried wrote for Axios this morning, Facebook is truly booming on the earnings and revenue front. However, looming risks from Biden and a Democrat-led Congress are weighing on Silicon Valley. Minnesota Sen. Amy Klobuchar introduced the Competition and Antitrust Law Enforcement Reform Act today. If passed, the legislation would make it harder for companies to negotiate mergers. Keep an eye on Facebook, Amazon, Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) and Apple (NASDAQ:AAPL). These names are all under scrutiny.
  3. Cannabis gets high. Yesterday, news that Jazz Pharmaceuticals (NASDAQ:JAZZ) would acquire GW Pharma (NASDAQ:GWPH) set the whole sector in motion. GW Pharma is behind a marijuana-based treatment for childhood epilepsy, and the deal speaks to a growing resurgence in investor interest. Other cannabis stocks rallied as analysts predicted future deals would be ahead, and as many retail investors wait for some sort of federal cannabis legalization in the U.S.

Major Indices Open in the Green

[Thursday, February 4, 9:33 am]
Contributed by Sarah Smith

  • The S&P 500 opened higher by 0.3%
  • The Dow Jones Industrial Average opened higher by 0.26%
  • The Nasdaq Composite opened higher by 0.5%
  • The Russell 2000 opened higher by 0.38%

Dogecoin Gains 60% on Musk Tweets

[Thursday, February 4, 9:30 am]
Contributed by Sarah Smith

Dogecoin (CCC:DOGE) prices have once again crossed 5 cents as part of a 60% rally in the cryptocurrency today. Although the gains are tracking broader movement in the digital currency realm, Tesla (NASDAQ:TSLA) CEO Elon Musk is behind much of the spike. That is because the noted DOGE enthusiast took to social media to share some thoughts — and a photoshopped Lion King meme.

For more, read the InvestorPlace.com brief on Dogecoin price predictions here.

Stock Market Futures Climb Slightly on Thursday

[Thursday, February 4, 8:46 am]
Contributed by Sarah Smith

  • S&P 5oo futures are up 0.23%
  • Dow Jones Industrial Average futures are up 0.13%
  • Nasdaq Composite futures are up 0.48%
  • Russell 2000 futures are up 0.16%

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