What Did the Stock Market Do? Feb. 9, 2021

Latest Updates:

S&P 500, Dow End Day in Red

[Tuesday, February 9, 4:09 pm]
Contributed by Sarah Smith

  • The S&P 500 closed lower by 0.11%
  • The Dow Jones Industrial Average closed lower by 0.03%
  • The Nasdaq Composite closed lower by 0.14%
  • The Russell 2000 closed lower by 0.39%

Cannabis Stocks Look 'Green' on Tuesday

[Tuesday, February 9, 3:53 pm]
Contributed by Sarah Smith

There is no denying that cannabis stocks are some of the biggest winners on Tuesday.

The sector-wide rally likely started with Tilray (NASDAQ:TLRY), when that company announced a new distribution deal for medical marijuana in the United Kingdom. Thanks to its partnership with Grow Pharma and the National Health Services, its products will be available there next month. As cannabis companies continue to target expansion and favorable regulation, it seems that the Tilray announcement lifted hopes for peers.

However, there are other catalysts at play. For red-hot Sundial Growers (NASDAQ:SNDL), it seems increasing popularity on the Robinhood trading platform is stoking shares. For others, hopes of federal-level legalization in the United States are sustaining a longer-term rally.

You can read the InvestorPlace.com brief on cannabis stocks here.

Qualcomm Dips Despite Chip Announcement

[Tuesday, February 9, 3:44 pm]
Contributed by Sarah Smith

Today Qualcomm (NASDAQ:QCOM) unveiled a new chip today, the X65 modem. This is its fourth generation 5G chip, hoping to connect a wide range of consumer and commercial devices to the internet. Two things stand out. The first is that this is the first 5G chip from Qualcomm that can reach peak download speeds of 10 megabits per second. This vastly outperforms chips on previous LTE networks. Additionally, Qualcomm is typically considered a chip play for the mobile phone market. With this latest launch, the company is hoping to position itself as a Wi-Fi competitor for home internet and business use. Despite the news, QCOM stock is down slightly.

There is a big winner today. Globalstar (NYSEMKT:GSAT), an internet of things (IOT) solutions provider, is contributing its Band n53 ecosystem to the new Qualcomm chip. This partnership, combined with its growing ecosystem, bodes well for GSAT stock. Additionally, Globalstar said that the news was meaningful, especially considering its new reach into consumer electronics via Qualcomm.

For more, you can read the InvestorPlace.com brief here.

Midday Update: Dow, Nasdaq Reverse Course

[Tuesday, February 9, 1:42 pm]
Contributed by Sarah Smith

  • The S&P 500 is down 0.05%
  • The Dow Jones Industrial Average is up 0.06%
  • The Nasdaq Composite is up 0.19%
  • The Russell 2000 is up 0.55%

3 Big Stories to Watch Today

[Tuesday, February 9, 1:15 pm]
Contributed by Sarah Smith

  1. Coronavirus roots. More than a year into the novel coronavirus pandemic, scientists are still trying to figure out how it all started. This week, a team of experts from the World Health Organization made their way to Wuhan, the city in China where cases first emerged. For investors, very little new information has come from this trip. However, the WHO team has said that the most likely origin story is that the virus jumped from an animal to a human. Most importantly, this helps to rule out an alternate theory that a virus sample was leaked from the nearby Wuhan Institute of Virology.
  2. Impeachment, again. The second impeachment trial for former President Donald Trump begins today in the Senate, after Democrats and Republicans agreed to the terms of the proceedings. Impeachment managers will work to prove that Trump is responsible for the Jan. 6 chaos at the U.S. Capitol, with ultimate actions such as conviction and disbarment of office at stake. Opponents will question the constitutionality of such proceedings. What does this mean for investors? Likely nothing substantial. However, it is important to understand that the trials will be noise filtering into the stock market today and in the days to come.
  3. Reddit, Reddit, Reddit. GameStop (NYSE:GME) is down 20% in intraday trading, with a current share price under $50. AMC Entertainment (NYSE:AMC) has faced a similar fate, trading for $5.50 today. These stars of r/WallStreetBets rose to a quick fame, highlighting issues of short-selling, hedge funds, trading apps and retail investors. Reddit itself has had the opposite trajectory. Today, investors learned that the social media site saw its valuation recently double to $6 billion following a $250 million funding round. Citing things like the recent popularity of Reddit stocks, CEO Steve Huffman said the time was right for a funding raise.

Bitcoin Sets a New All-Time High Above $47K

[Tuesday, February 9, 11:45 am]
Contributed by Sarah Smith

Bitcoin (CCC:BTC) blew through a series of milestones today, settling at a new all-time high of $47,053.06 before pulling back. The move comes largely thanks to news that Tesla (NASDAQ:TSLA) invested $1.5 billion in Bitcoin and plans to allow its customers to purchase products with the digital currency. A sign of growing mainstream support, many experts believe $50,000 — or even $600,000 — is next for the crypto.

For more, read the InvestorPlace.com brief here.


Elon Musk Says Starlink IPO Will Come

[Tuesday, February 9, 11:06 am]
Contributed by Sarah Smith

Oops, he did it again.

Elon Musk is once again creating a buzz through his social media. This time, the hype comes from confirmation that he is eyeing an initial public offering for Starlink. Starlink, for those unfamiliar, is a satellite internet services project via SpaceX. Right now, the company is building out its constellation of small satellites, hoping to offer unrivaled access and competitive prices across the world. It has roughly 10,000 customers enrolled in a beta test, and currently retails for $600.

So when is the Starlink IPO coming? Not overnight. Musk himself said that Starlink needs to address its free cash flow and grow its business a bit before debuting. Current issues include expanding coverage and quality (right now Starlink warns of connectivity and latency issues), as well as attracting more customers. Some estimates say the business will need as many as 3 million subscribers to break even.

For now though, we know a Starlink IPO is on the way… some day. Read the InvestorPlace.com brief here.

Major Indices Dip to Start Tuesday

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

  • The S&P 500 opened lower by 0.25%
  • The Dow Jones Industrial Average opened lower by 0.26%
  • The Nasdaq Composite opened lower by 0.14%
  • The Russell 2000 opened higher by 2.53%

Stock Market Futures Pull Off the Highs

[Tuesday, February 9, 7:49 am]
Contributed by Sarah Smith

  • S&P 500 futures are down 0.1%
  • Dow Jones Industrial Average futures are down 0.15%
  • Nasdaq Composite futures are down 0.06%
  • Russell 2000 futures are down 0.04%

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