What Did the Stock Market Do? Jan. 13, 2021

Latest Updates:

S&P 500 Recovers, Gains Slightly to Close Trading

[Wednesday, January 13, 4:12 pm]
Contributed by Sarah Smith

  • The S&P 500 closed higher by 0.23%
  • The Dow Jones Industrial Average closed lower by 0.03%
  • The Nasdaq Composite closed higher by 0.43%
  • The Russell 2000 closed lower by 0.75%

New Covid-19 Strains Emerge in U.S.

[Wednesday, January 13, 1:13 pm]
Contributed by Sarah Smith

On Wednesday, Ohio researchers shared that they have identified two new strains of the novel coronavirus that likely emerged in the United States. According to the report, these strains began to emerge at the end of December and early January. At this point, one has already become the dominant variant in the state.

Like the closely watched strain in the United Kingdom, researchers are confident the Covid-19 vaccines should be effective against the Ohio variants. However, it does appear that the new strains are more infectious.

Keep a close eye on this news. Panic over the U.K. variant heavily swayed the market as headlines gained global attention. Stocks of Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA), the two major vaccine makers, were both down in intraday trading.

Midday Update: Major Indices Recover Slightly

[Wednesday, January 13, 1:08 pm]
Contributed by Sarah Smith

  • The S&P 500 is up by 0.33%
  • The Dow Jones Industrial Average is up by 0.15%
  • The Nasdaq Composite is up by 0.63%
  • The Russell 2000 is down by 0.15%

Apple iCar Rumors Drive Up Electric Car Stocks

[Wednesday, January 13, 12:00 pm]
Contributed by Sarah Smith

Remember when Apple (NASDAQ:AAPL) generated buzz just a few weeks ago with talk of its all-electric car? The so-called iCar sparked a wave of excitement — and uncertainty — for electric vehicle fans. However, once investors processed that such a car from the iPhone maker was at least a few years out, attention turned back to the likes of Tesla (NASDAQ:TSLA) and Nio (NYSE:NIO).

Today, Apple is once again sparking movement in the EV space. This time it is all thanks to a report from the Verge, detailing how Canoo (NASDAQ:GOEV) recently was in talks with Apple. According to the report, the two companies were discussing Apple making an investment in Canoo, or perhaps, even acquiring it. As InvestorPlace contributor Robert Lakin detailed this morning, Canoo preferred receiving an investment from Apple, and talks ultimately fell apart.

What does this mean for investors? Keep an eye on GOEV and the other EV names powering higher today. Look for winners — and look for upside opportunity. If you are a fan of Canoo and its unique vehicles, consider the recent words of InvestorPlace contributor Mark Hake. GOEV stock could be worth $26.93. Shares currently trade hands for $19.30.

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

The Affirm IPO Launches to Fintech Fanfare

[Wednesday, January 13, 9:45 am]
Contributed by Sarah Smith

Is today the start of big stock market debuts in 2021? With fintech darling Affirm (NASDAQ:AFRM) launching on the Nasdaq Exchange, it very well could. For those unfamiliar, Affirm is all about the world of modern payment installments. Unwilling or unable to drop $100 in one sitting of online shopping? What about four interest-free payments of $25? Right now, retailers are betting that Affirm can energize shoppers and help push brands through Covid-19. And importantly for investors, data so far suggests that Affirm and its buy now, pay later peers are working.

So what should you do here? As InvestorPlace contributor Robert Lakin wrote this morning, there are two reasons AFRM stock should be on your radar here. The first is that it is a bellwether for fintech IPOs in the rest of 2021. The second is that Lakin thinks it has serious potential to disrupt retail and finance as we know it.

For more, read the InvestorPlace.com brief on the Affirm IPO here.

Major Indices Get Mixed Start to Trading

[Wednesday, January 13, 9:31 am]
Contributed by Sarah Smith

  • The S&P 500 opened lower by 0.01%
  • The Dow Jones Industrial Average opened lower by 0.05%
  • The Nasdaq Composite opened higher by 0.17%
  • The Russell 2000 opened higher by 1.77%

3 Big Stories to Watch

[Wednesday, January 13, 9:22 am]
Contributed by Sarah Smith

  1. Impeachment. The House of Representatives is moving to impeach President Donald Trump for the second time, scheduling a vote for later today. While it is unclear if the impeachment move has requisite support from House Republicans and the Senate, the vote is consequential. If Trump is convicted in the Senate, he would be unable to hold public office ever again. What does this all mean for investors? It seems like the amount of uncertainty and chaos in Washington continues to weigh on the stock market. However, with the upcoming inauguration of President-elect Joe Biden, a rush of interest in so-called Biden stocks could power things up in just a few days.
  2. Consumer prices. On Wednesday morning, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in December, after rising 0.2% in November. Additionally, for the 12-month period ending in November, the index rose 1.4%. This closely aligns with economist estimates for 0.4% and 1.3% over the 12-month period. And importantly, there are two things to note here. The first is that increases in gasoline prices are largely responsible for the month-over-month growth. The second is that underlying inflation remains “tame.” This comes as crypto bulls have bid bitcoin (CCC:BTC) up to record highs over fears of post-pandemic inflation.
  3. Initial public offerings. This is a busy week for initial public offerings. Fintech Affirm (NASDAQ:AFRM) kicks trading off today, while names like Petco, Poshmark, Playtika and Driven Brands start trading tomorrow and Friday.

Stock Market Futures Point to Negative Open

[Wednesday, January 13, 8:33 am]
Contributed by Sarah Smith

  • S&P 500 futures are down 0.33%
  • Dow Jones Industrial Average futures are down 0.2%
  • Nasdaq Composite futures are down 0.39%
  • Russell 2000 futures are down 0.38%
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