Stocks Today: 12.07.2020 – stock market update

Dec. 7, 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 (Monday, December 7, 2020).

It was a day of slow moves in the stock market today, with skepticism towards a near recovery favouring the tech-sector against the industrial sector.

Both the S&P 500 and the Dow Jones closed slightly negative: the S&P down 0.19% and the Dow Jones down 0.49%.

The Nasdaq closed up 0.45%, reaching a new all-time high today!

Why did the stock market move today?

On the one hand, it is still the preoccupation for a new peak in the COVID-19 emergency that kept investors very suspicious today. Hospitalizazions hit an all-time record while more than 175,000 new COVID-19 cases were reported for Sunday in the U.S..

On the other hand, on Friday afternoon it was reported that in the U.S. non-farm payroll employment rose “just” by 245,000 in November. Sadly enough this is less than half the number of new employments recorded only one month ago.

Stocks of the day

After the Democratic-controlled House of Representatives passed a bill (the “MORE” Act) to decriminalize marijuana at a federal level, certain stocks have seen an amazing jump in the stock market today. This despite the fact that it remains highly unlikely that the Republican Senate will approve the bill.

On the hype for such news, investors in the Las Vegas cannabis dispensary Planet 13 (OTCMKTS: PLNHF) had their stocks reach an all-time high today, closing up 4.46%.

But today is also the day of the announcement that Palantir Technologies Inc. was awarded a $44.4 million deal with the FDA. Such deal will see the use Palantir’s software to integrate data towards the review of drugs and other safety inspections.

Following this news, the stock (NYSE: PLTR), which has seen quite some volatility in the last weeks, closed up 21.37% today.

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