Benchmarks Bounce Back from Selloff as Reddit Tensions Simmer

Speaker Nancy Pelosi said the House is working to pass a budget resolution

Digital Content Manager
Feb 1, 2021 at 4:40 PM
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Stocks were determined to bounce back on Monday, after a Reddit-fueled trading frenzy led the major indexes to close out January with their worst week since October. The Dow added roughly 229 points, while the S&P 500 and Nasdaq Composite also registered significant gains. Investors seemed reassured after online brokerage firm Robinhood raised an additional $2.4 billion, increasing deposit requirements and signaling it may be able to survive this turbulence. 

Meanwhile, President Joe Biden is facing Republican resistance for his $1.9 trillion Covid-19 stimulus package. However, House Speaker Nancy Pelosi said the chamber would move to pass a budget resolution, enabling the approval of legislation through reconciliation. This would give Senate Democrats the ability to approve aid without Republican support.

 Continue reading for more on today's market, including:

  • Tesla rival rises after an upbeat delivery update.
  • Checking in with Zillow stock ahead of earnings. 
  • Plus, Moderna looks into upping vaccine doses per vial; 8 pot stocks to watch amid speculative trading; and analysts chime in on this Schaeffer's 2021 stock pick.

The Dow Jones Industrial Average (DJI - 30,211.91) surged 229.3 points, or 0.8% on the day. Microsoft (MSFT) led the Dow components with a 3.3% rise, while Walgreens Boots Alliance (WBA) paced the laggards, falling 2.8%.

Meanwhile, the S&P 500 Index (SPX - 3,773.86) added 59.6 points, or 1.6% for the day. The Nasdaq Composite (IXIC - 13,403.39) closed up 332.7 points, or 2.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 30.24) lost 2.9 points, or 8.6% for the day.

 closing indexes Feb 1 2021

NYSE and Nasdaq Feb 1 2021 new

  1. Some health providers are holding back Covid-19 vaccine shots to ensure there will be enough supply for second doses, leading to appointment cancellations. (CNBC)
  2. President Joe Biden will meet with the 10 Republican senators who urged him to scale down stimulus to one third of his $1.9 trillion package. (MarketWatch)
  3. Moderna (MRNA) seeks to raise number of vaccine doses in a single vial. 
  4. Keep an eye on these 8 pot stocks amid the Reddit-fueled trading frenzy.
  5. This is what analysts have to say about Schaeffer's 2021 top pick SFIX.

Earnings Feb 1

uvol feb 1

Oil Moves Higher Thanks to Modest Rise in OPEC Output

Oil prices started the week on a high note, after new data showed the Organization of the Petroleum Exporting Countries' (OPEC) January's crude output was lower than expected, at 25.75 million barrels a day -- up only 160,000 barrels a day from December. In response, March-dated crude added $1.35, or 2.6%, to settle at $53.55 per barrel.

Gold prices also enjoyed outsized gains, despite being outshined by silver after the metal caught the attention of Reddit investors and surged to its highest level in eight years. Nonetheless, April-dated gold rose $13.60, or 0.7%, to settle at $1,863.90 an ounce.

 

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