What Did the Stock Market Do? Feb. 17, 2021

Latest Updates:


Major Indices Slightly Down to Close Wednesday Trading

[Wednesday, February 17, 4:06 pm]
Contributed by Vivian Medithi

  • The S&P 500 closed lower by 0.03%
  • The Dow Jones Industrial Average closed higher by 0.29%
  • The Nasdaq Composite closed lower by 0.58%
  • The Russell 2000 closed lower by 0.68%

Bitcoin Breaks Past $52,000 In Trading

[Wednesday, February 17, 4:02 pm]
Contributed by Vivian Medithi

Currently sitting at $52,071.40, it’s been a big day for Bitcoin (CCC:BTC) as it surged on the back of increasing investor acceptance to retake the $50,000 mark for the second time in as many days.

While many, including InvestorPlace.com’s own Vince Martin, believe the bitcoin bubble is set to burst, others disagree. Our Alex Sirois argues that increased institutional investment reduces downside risk and creates a better opportunity for companies willing to take on risk.

That said, bitcoin is still a volatile investment when compared to traditional commodity value stores such as gold.

Read more about the Bitcoin rally today here.


Furry Friends Feel the Love As DOGZ and PETZ Make Big Gains

[Wednesday, February 17, 2:06 pm]
Contributed by Vivian Medithi

There’s no news for TDH Holdings (NASDAQ:PETZ) or Dogness (NASDAQ:DOGZ) to explain the movement, but PETZ stock is up 87% and DOGZ stock is up 36% in trading today.

TDH Holdings is a Chinese pet food maker, while Dogness creates smart pet devices, such as feeding bowls and water dishes. Both have been the subject of social media chatter of late, which may explain the surge in price and trade volume.

Dogness, founded in 2003, recently closed a $7.4 million offering on January 20, selling just shy of 5.2 million shares with a promise to issue the placement agent approximately 276,000 more. TDH Holdings reported first half of fiscal year 2020 earnings back in November.

Read more about TDH Holdings and PETZ stock here.

Read more about Dogness and DOGZ stock here.


Midday Update: Stocks Pull Back From Peaks

[Wednesday, February 17, 12:54 pm]
Contributed by Vivian Medithi

  • The S&P 500 is down 0.34%
  • The Dow Jones Industrial Average is up 0.02%
  • The Nasdaq Composite is down 1.01%
  • The Russell 2000 is down 1.35%

3 Big Stories to Watch Today

[Wednesday, February 17, 12:49 pm]
Contributed by Vivian Medithi

  1. Texas blackouts shutter semiconductor factories. The brutal winter weather gripping much of the U.S. has led to widespread blackouts, particularly in Texas. That’s led to multiple factories closing down operations to reduce demand on an overtaxed energy grid, including semiconductor producers Samsung and Infineon (OTCMKTS:IFNNY). Samsung, which has been considering a new $17 billion manufacturing plant in Texas, told Austin American-Statesman it had no specific timeline for resuming production. Meanwhile Financial Times reports Citi Bank analysts said in a note to clients they “expect the current impact on Infineon’s Austin fab to be limited,” but said a prolonged freeze could exacerbate already-constrained market conditions. This comes at a time when semiconductor chips are in greater demand than ever, with shortages hitting the automotive industry and creating buying opportunities for long-term investors.
  2. Stimulus supports resurgence of retail spending. The additional $600 in direct stimulus checks had a greater impact than predicted, with retail sales up 5.3% month over month in January, per a report by the U.S. Department of Commerce. Economists surveyed by Dow Jones were anticipating a gain of 1.2%, CNBC reports. Electronics and appliance sales were up 14.7%, while furniture and home furnishing stores saw sales increase by 12%. Interestingly, department store sales were up 23.5% month over month. Gas station sales increased by 4%, while bars and restaurants were up 6.9%. InvestorPlace.com’s Tezcan Gecgil has more on stocks to buy for a stimulus bump.
  3. SpaceX valuation shoots for the moon. A new round of financing has valued the Elon Musk commercial spaceflight venture at a whopping $74 billion dollars. That represents about 60% growth over the company’s $46 billion valuation back in August 2020. This current round of financing raised $850 million, a far cry from August’s sale of nearly $2 billion of private equity. Company insiders told CNBC there was significantly higher demand than what the company chose to fulfill, saying SpaceX received $6 billion in offers over just three days.

Major Indices Open Lower Today

[Wednesday, February 17, 9:06 am]
Contributed by Vivian Medithi

  • The S&P 500 opened lower by 0.34%
  • The Dow Jones Industrial Average opened lower by 0.20%
  • The Nasdaq Composite opened lower by 0.71%
  • The Russell 2000 opened lower by 0.62%

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