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What Did the Stock Market Do? Jan. 6, 2021

Welcome to the stock market today! It is a busy day in Washington, and it just may be a busy day on Wall Street. So what should you watch? Well, as the vote count continues in the Georgia runoff races, many investors will be paying close attention to the state of the Senate. News outlets have already called the first race in favor of Democrat Raphael Warnock. Additionally, investors will be watching Congress, where lawmakers today will take a vote on electoral college results. As politics shift and shape movements in the stock market today, follow along with InvestorPlace for the latest news.

Latest Updates:


Nasdaq Dips Into the Red to Close Wednesday

[Wednesday, January 6, 4:07 pm]
Contributed by Sarah Smith

  • The S&P 500 closed higher by 0.57%
  • The Dow Jones Industrial Average closed higher by 1.44%
  • The Nasdaq Composite closed lower by 0.61%
  • The Russell 2000 closed higher by 3.70%

Protesters Storm the Capitol, Force Senate Closure

[Wednesday, January 6, 2:50 pm]
Contributed by Sarah Smith

Protesters, identifying as supporters of President Donald Trump, have breached the Capitol and forced the closure of the Senate chamber. Reports, including those from the New York Times, indicate that police officers have released gas in response, and Washington Mayor Muriel Bowser has issued a citywide curfew beginning at 6:00 p.m. Eastern.

This comes as lawmakers work to confirm the electoral college votes, and ultimately aim to confirm the victory of President-elect Joe Biden. Objections by Republicans put a pause in the joint session, leading into separate debates in the House of Representatives and Senate.

You can follow live coverage of the protests via the New York Times here.


Bitcoin Set All-Time High Above $35,000. What's Next?

[Wednesday, January 6, 2:01 pm]
Contributed by Sarah Smith

Bitcoin (CCC:BTC), spurred on by the runoff races in Georgia, hit another all-time high earlier this morning. This time, the leading crypto surpassed the $35,000 mark before settling down.

Investors likely know that this is not the first record move for the crypto in recent memory. Bitcoin has set a series of all-time highs since the end of November, most recently crossing $34,000 over the weekend. However, prices have been volatile, with bitcoin dropping more than 10% earlier this week.

So what does this mean? Following the move today, bitcoin price predictions for the rest of 2021 still remain bright. After crossing $35,000, experts still see moves to $100,000 and above. Recently, JPMorgan analysts jumped onboard the crypto bandwagon, setting a long-term target of $146,000. For more, read the InvestorPlace.com brief on bitcoin here.


Republicans Object to Electoral College Certification

[Wednesday, January 6, 1:56 pm]
Contributed by Sarah Smith

As Kadia Goba reported for Axios, Republicans objected to the certification of electoral college votes on Wednesday. This means that lawmakers left a joint session of Congress, moving to debate separately in the House of Representatives and Senate. This objection comes as President Donald Trump calls on Republican lawmakers and Vice President Mike Pence to reject the votes.

What should investors do with this news? While experts point out the worrisome nature of this objection, Goba writes that there is enough bipartisan support to move past it and confirm the victory of President-elect Joe Biden later today. For now, the major indices continue to trek higher, ignoring any of the political uncertainty.


Midday Update: Major Indices Trek Higher

[Wednesday, January 6, 1:51 pm]
Contributed by Sarah Smith

  • The S&P 500 is up 1.46%
  • The Dow Jones Industrial Average is up 1.99%
  • The Nasdaq Composite is up 0.65%
  • The Russell 2000 is up 4.7%

Chinese Telecoms Fall on Delisting Reversal

[Wednesday, January 6, 11:37 am]
Contributed by Sarah Smith

The New York Stock Exchange is having trouble making up its mind. In November 2020, President Donald Trump issued an executive order barring investments in any companies that support the Chinese military. A trio of telecom companies — China Telecom (NYSE:CHA), China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU) — made that list.

Initially, the NYSE said it would comply with the executive order and delist those companies. Investors were worried, wondering what Chinese equities would follow, if any. Then in a surprising twist, the exchange changed its mind earlier this week, announcing it would no longer delist the equities. Yesterday, we saw CHL, CHA and CHU stock stage impressive rallies.

But that was short lived. Today, the NYSE changed its mind once more. Now, it seems as if the exchange will carry out the delisting, sending the Chinese telecom stocks down hard.

So what should investors do? There may not be reason for panic. As InvestorPlace contributor Robert Lakin highlighted today, the upcoming inauguration of President-elect Joe Biden could bring about yet another quick reversal to the NYSE decision. For more, read the InvestorPlace.com brief on Chinese telecom stocks here.


Cannabis Stocks Soar After Warnock Victory

[Wednesday, January 6, 10:46 am]
Contributed by Sarah Smith

Cannabis stocks are clear winners so far this morning, as investors carefully watch for a final outcome in the Georgia runoff races. Democrats Jon Ossoff and Raphael Warnock have been up against incumbent Republicans Sen. David Perdue and Sen. Kelly Loeffler. At stake is control of the Senate, and for voters, further Covid-19 relief measures that could potentially include $2,000 direct payments.

This morning, investors got the first results. Warnock bested Loeffler, securing himself a seat in the Senate. Now, all eyes are on the Perdue-Ossoff race. News outlets have yet to call a winner, although Ossoff remains in the lead and has already declared his victory on social media. With 98% of the estimated vote total reported, it is unclear when outlets will sound the alarm.

What is clear is that investors are confident further cannabis reform is on the way in the United States. Canopy Growth (NASDAQ:CGC), Tilray (NASDAQ:TLRY) and Aurora Cannabis (NYSE:ACB) all were posting double-digit gains this morning. Smaller play Sundial Growers (NASDAQ:SNDL) is also racing ahead, particularly as that company is finally debt free and ready to enjoy such political catalysts.


3 Big Stories to Watch Today

[Wednesday, January 6, 9:38 am]
Contributed by Sarah Smith

  1. Georgia, Georgia, Georgia. All eyes are on Georgia today as the vote count continues in two Senate runoff races. Earlier this morning, major news outlets called the first race in favor of Democrat Raphael Warnock, who bested Republican Sen. Kelly Loeffler. Although news outlets have not yet called the second race, Democrat Jon Ossoff is widening his lead against Republican Sen. David Perdue. Ossoff has already declared victory in the race. So what does this mean for investors? Some analysts are worried that a double Democrat victory would spell trouble for the S&P 500. But for now at least, cannabis stocks look to be winners. Aurora Cannabis (NYSE:ACB) and Canopy Growth (NASDAQ:CGC) are big movers today.
  2. Biden confirmation. Elsewhere in the political sphere, Congressional lawmakers are convening today to count electoral college votes and ultimately, confirm the victory of President-elect Joe Biden. Leading up to the session, tensions are high. Concerns remain that President Donald Trump is still seeking to overturn the election results, including through encouraging Vice President Mike Pence to reject certain electoral votes. What does this mean for investors? Well, the stock market has largely shrugged off the political back and forth. However, stocks could have a rocky day thanks to the high levels of uncertainty.
  3. Delisting, part three. The New York Stock Exchange has changed its mind again. Following an executive order from Trump, the NYSE said it would delist three Chinese telecom companies. Earlier this week, it announced it would no longer enforce that delisting, sparking a rally in China Telecom (NYSE:CHA), China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU). Today, the NYSE changed its mind once more, announcing that it would go through with the delisting. Unsurprisingly, CHA, CHL and CHU stock are falling.

S&P 500, Dow Open Down

[Wednesday, January 6, 9:32 am]
Contributed by Sarah Smith

  • The S&P 500 opened lower by 0.45%
  • The Dow Jones Industrial Average opened lower by 0.04%
  • The Nasdaq Composite opened lower by 1.21%
  • The Russell 2000 opened higher by 1.71%

Stock Market Futures Mixed on Wednesday

[Wednesday, January 6, 9:07 am]
Contributed by Sarah Smith

  • S&P 500 futures are down 0.33%
  • Dow Jones Industrial Average futures are up 0.14%
  • Nasdaq Composite futures are down 1.55%
  • Russell 2000 futures are up 2.25%

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Article printed from InvestorPlace Media, https://investorplace.com/stock-market-live-updates-wednesday-stock-market-today/.

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