Jan. 27, 2021
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, January 27, 2021).
Another red day in the stock market today. All main indexes closed in negative field today, with the S&P 500 down 2.57%, the Dow Jones down 2.05% and the Nasdaq down 2.61%.
Why did the stock market move today?
Uncertainties often influence stock prices more than real bad news. That is also the case for the sell-off seen today in the stock market.
On the one hand, the short squeeze seen in stocks of GameStop and AMC had retail traders pushing towards some sort of rebellion against institutional investors. On the other hand, it is still the pandemic that remains the main concern for the economic recovery as also made clear by the Federal Reserve Chairman Jerome Powell later this afternoon.
Stock of the day
Similarly to the what happened with GameStop, the movie theater chain AMC (NYSE: AMC) was also target of several shorts by institutional investors to which many retail investors reacted making the stock jump more than 300% today.
That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!