Latest Updates:
- Major Indices Close Higher on Tuesday
- Midday Update: Dow Surges Nearly 600 Points
- 3 Big Stories to Watch Today
- Dow Adds 250+ Points at Market Open
- Robinhood Loosens Trading Restrictions on Tuesday
Major Indices Close Higher on Tuesday
[Tuesday, February 2, 5:25 pm]
Contributed by Sarah Smith
- The S&P 500 closed higher by 1.39%
- The Dow Jones Industrial Average closed higher by 1.57%
- The Nasdaq Composite closed higher by 1.56%
- The Russell 2000 closed higher by 1.19%
Midday Update: Dow Surges Nearly 600 Points
[Tuesday, February 2, 12:44 pm]
Contributed by Sarah Smith
- The S&P 500 is up 1.7%
- The Dow Jones Industrial Average is up 1.91%
- The Nasdaq Composite is up 1.65%
- The Russell 2000 is up 1.13%
3 Big Stories to Watch Today
[Tuesday, February 2, 12:40 pm]
Contributed by Sarah Smith
- Earnings season. It may seem like GameStop (NYSE:GME) is one of the only publicly traded companies given its popularity in recent days, but earnings season continues to trek on. Today, we are hearing from major names in tech and oil with Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Alibaba (NYSE:BABA), ExxonMobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) reporting. One interesting result? The Alibaba cloud unit was profitable for the first time this quarter, and its earnings per share and revenue beat estimates.
- Robinhood and Reddit… the story continues. Today has many market commentators calling for the r/WallStreetBets bubble to burst. Prompting that argument is a plunge in GameStop and AMC Entertainment (NYSE:AMC), taking shares down roughly 40%. As this plunge plays out, Robinhood is still restricting trading in certain equities. However, it has cut some stocks off its list, and is now allowing customers to acquire more shares of each of these popular stocks.
- Vaccines, vaccines, vaccines. One of the themes playing out in the stock market today is a broad focus on Covid-19 vaccines. Since President Joe Biden took office, he has been working to ramp up the national vaccination rollout. He said that he wants to vaccinate 100 million Americans in 100 days, and he has also signed various executive orders to create clinics and prioritize a centralized process. Today, alongside this theme, Pfizer (NYSE:PFE) says it will be able to deliver 200 million more doses by May, ahead of schedule. Despite this, PFE stock is down about 3% in intraday trading. The last vaccine story to watch comes from r/WallStreetBets. Winners yesterday included underdog play Inovio (NASDAQ:INO). Redditors were calling for INO stock to receive some love, sending it rallying. Today though, INO stock is down nearly 10%.
Dow Adds 250+ Points at Market Open
[Tuesday, February 2, 9:33 am]
Contributed by Sarah Smith
- The S&P 500 opened higher by 0.95%
- The Dow Jones Industrial Average opened higher by 0.86%
- The Nasdaq Composite opened higher by 1.05%
- The Russell 2000 opened higher by 2.53%
Robinhood Loosens Trading Restrictions on Tuesday
[Tuesday, February 2, 8:38 am]
Contributed by Sarah Smith
Robinhood is still limiting trading on eight popular Reddit stocks, but it has loosened its limits for entering new positions. Here is what you need to know:
- AMC Entertainment (NYSE:AMC), 350 new shares
- BlackBerry (NYSE:BB), 700 new shares
- Express (NYSE:EXPR), 1,000 new shares
- GameStop (NYSE:GME), 20 new shares
- Genius Brands (NASDAQ:GNUS), 5,000 new shares
- Koss (NASDAQ:KOSS), 150 new shares
- Naked Brand (NASDAQ:NAKD), 6,500 new shares
- Nokia (NYSE:NOK), 2,000 new shares
Stock Market Futures Point to Positive Open
[Tuesday, February 2, 7:48 am]
Contributed by Sarah Smith
- S&P 500 futures are higher by 0.8%
- Dow Jones Industrial Average futures are higher by 0.77%
- Nasdaq Composite futures are higher by 0.79%
- Russell 2000 futures are higher by 0.97%
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