Feb. 2, 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 (Tuesday, February 2, 2021).
Another green day in the stock market today, with all main indexes closing positive. The S&P 500 closed up 1.39%, the Dow Jones up 1.57% and the Nasdaq up 1.56% today.
Why did the stock market move today?
Pushed by a decline in new daily COVID-19 cases in the U.S. and in Europe and pushed by a positive earnings season so far, the optimism around the stock market couldn’t be higher.
Furthermore, investors seem to be abandoning most of the short squeeze trades contributing to move their cash flows in other stocks. Shares in GameStop closed down 60%, shares in AMC down 41% and silver futures fell 10% today.
Stock of the day
Amazon.com reported record revenues for the fourth quarter of 2020 after the closing bells, with earnings doubling expectations ($14.09 per share vs. $7.23 per share) and revenue of $125.56 billion for the quarter.
Nevertheless, we haven’t seen a big jump in the stock price in the after hours (NASDAQ: AMZN). Mixed feelings followed the news that Jeff Bezos will transition to executive chairman and the AWS chief Andy Jassy will step in as new CEO.
That’s all for this Tuesday’s stock market update. Stay tuned to receive your daily update!