Nov. 21, 2020
Good morning everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market yesterday (Friday, 20 November 2020).
The S&P 500, Dow Jones and Nasdaq closed negative on Friday. It was a slightly positive day for the Russell 2000 instead.
The S&P 500 went down 0,68 % yesterday, getting back to 3.557,54.
The DJIA, or Dow Jones, also went down quite a bit (0,75%) on Friday.
The Nasdaq 100 fell just a little, closing the week at 11.854,97.
It wasn’t such a bad day for small-cap stocks, since the Russell 2000 was less than 0,1 % up, still closing an amazing week.
Why did the stock market move?
The virus infections are surging higher and higher in the U.S., leading some investors to believe the stocks prices might be somewhat overpriced after the initial excitement for the development of multiple vaccine trials.
Furthermore, Gavin Newsom, California Governor, issued a new stay-at-home order, requiring that “non-essential work, movement and gatherings stop between 10 PM and 5 AM in counties in the purple tier”.
Stocks of the day
Pfizer recently asked regulators to allow use of its Covid-19 vaccine and now the FDA will have to decide whether this vaccine is safe enough to be used on the entire population.
As a consequence, the stock went 1,41% up on Friday reaching $ 36,7.
But the move of the day among all trending stocks, is probably the Chinese EV automaker, XPeng (XPEV), that climbed an amazing 12% on Friday and reaching its record high after presenting its new P7 model. This model is characterized by scissor-style front doors to make you feel just like driving a Lambo 😉
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!