What Did the Stock Market Do? Feb. 10, 2021

Latest Updates:

Dow Ends Wednesday Trading in the Green

[Wednesday, February 10, 4:18 pm]
Contributed by Sarah Smith

  • The S&P 500 closed lower by 0.03%
  • The Dow Jones Industrial Average closed higher by 0.2%
  • The Nasdaq Composite closed lower by 0.25%
  • The Russell 2000 closed lower by 0.72%

3 Big Stories to Watch Today

[Wednesday, February 10, 2:13 pm]
Contributed by Sarah Smith

  1. The New York Stock Exchange. Is the New York Stock Exchange moving? Not yet, but the option is still in the cards. As NYSE President Stacey Cunningham wrote for the Wall Street Journal yesterday, Albany lawmakers are jeopardizing the exchange’s New York home. In question is a transfer tax on stock sales that the exchange says would ultimately burden investors. Securities experts have come together to share their thoughts with lawmakers, and Cunningham says the decision rests with the state. She also hints that other Wall Street icons have moved to Florida or Texas, states with more hospitable tax policies. Could the NYSE be next?
  2. Impeachment. Impeachment proceedings against former President Donald Trump continue, after the Senate voted to affirm the constitutionality of such proceedings last night. Today, prosecutors are beginning to lay out their case against Trump. As part of this, they will play unseen photos from the Jan. 6 chaos at the U.S. Capitol. This is in addition to a 13-minute video clip already shown today, using footage from C-SPAN. While the trials will likely continue to have just minimal effect on the market, they are important to understand. You can follow various publications for coverage, including this live blog from the New York Times.
  3. Reddit again. Investors continue to gain new insight into the madness created by r/WallStreetBets. Today, new data shows just how widespread the influence of the subreddit was. According to Yahoo Finance and The Harris Poll, 28% of American adults bought GameStop (NYSE:GME) or AMC Entertainment (NYSE:AMC). With retail investors pivoting from GME and AMC to the likes of cannabis stocks today, their power is increasingly evident.


Midday Update: S&P 500, Nasdaq Dip

[Wednesday, February 10, 1:20 pm]
Contributed by Sarah Smith

  • The S&P 500 is down 0.11%
  • The Dow Jones Industrial Average is up 0.08%
  • The Nasdaq Composite is down 0.19%
  • The Russell 2000 is down 0.13%

Redditors Give Cannabis Stocks a Boost

[Wednesday, February 10, 1:01 pm]
Contributed by Sarah Smith

Cannabis stocks were some of the biggest winners in the stock market yesterday, fueled on by news of a new medical marijuana distribution agreement for Tilray (NASDAQ:TLRY). Investors were hopeful that more deals would follow, and that other medical marijuana plays would benefit. Plus, broad bullish sentiment is growing in the sector thanks to President Joe Biden and Democratic control in both the Senate and the House of Representatives.

Today, those cannabis stocks are top winners again.

This time, as InvestorPlace contributor William White writes, the culprit is Reddit. As retail investors on the site turn from old-school retail names to pot, a handful of cannabis equities are rallying. Gainers today include Sundial Growers (NASDAQ:SNDL), Aphria (NASDAQ:APHA), Canopy Growth (NASDAQ:CGC) and Tilray.

For more, read the InvestorPlace.com brief here.

AstraZeneca Dips Despite Covid-19 Prospects

[Wednesday, February 10, 12:53 pm]
Contributed by Sarah Smith

Pharmaceutical giant AstraZeneca (NASDAQ:AZN) may be best known for its work with the University of Oxford to develop a Covid-19 vaccine. However, another of its offerings is attracting headlines on Wednesday.

As Eric Pfanner wrote for Bloomberg, a small trial from the University of Oxford showed that an existing AstraZeneca drug had promising effects in Covid-19 patients. Pulmicort, an asthma treatment, reduced the need for urgent care and hospitalization by 90%. The 28-day study period occurred on a small scale, but Pulmicort remains a promising treatment.

Yesterday, global Covid-19 data shows 300,000 new cases. Recycled treatments like this one from AstraZeneca offer hope and peace of mind. Despite this potential, AZN stock is down slightly in intraday trading.

Major Indices Launch Higher Wednesday

[Wednesday, February 10, 9:34 am]
Contributed by Sarah Smith

  • The S&P 500 opened higher by 0.42%
  • The Dow Jones Industrial Average opened higher by 0.32%
  • The Nasdaq Composite opened higher by 0.66%
  • The Russell 2000 opened higher by 0.4%

Stock Market Futures Point to Positive Open

[Wednesday, February 10, 8:29 am]
Contributed by Sarah Smith

  • S&P 500 futures are up 0.34%
  • Dow Jones Industrial Average futures are up 0.31%
  • Nasdaq Composite futures are up 0.31%
  • Russell 2000 futures are up 0.47%

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