Stocks Today: 11.18.2020 – stock market update

Nov. 18, 2020

Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Wednesday, 18 November 2020).

Although starting positive, all major indexes closed negative today.

The S&P 500 lost 1,16 % flying down to 3.567,79. The Dow Jones also lost the same identical percentage, closing at 29.438,10.

Finally, also the Nasdaq and the Russell 2000 closed down, showing a lack of confidence across all stocks, from big-cap to small-cap.

Why did the stock market move?

Just like yesterday, investors tend to swing from the euphoria for Covid-19 vaccine announcements and the impact of the virus spreading.

Of particular impact was the statement made by the Mayor of New York, Bill de Blasio, that starting from tomorrow the city will close its public schools, switching to distance learning for its students.

Stocks of the day

But there still is someone smiling out there today 🙂

Target (TGT) released some impressive quarterly earnings today, beating expectations on earnings per share at $2.79 instead of $1.6, on revenue at $22.63 instead of $20.93 expected and on same-store sales up 20.7% instead of 11.2% expected.

This had a clear impact on the market price, with the stock trading at $166,85, up 2,34%.

And guess what stock climbed an amazing 10% today after yesterday’s 8% jump? Of course, the one an only: Tesla.

Still benefitting from the announcement that the company will be added to the S&P 500 Index, this way entering indirectly a huge market of fund investors, Tesla (TSLA) closed the day at $486,64, getting one step closer to its record high reached in August ($498,32).

That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!