Feb. 16, 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 16, 2021).
Both the S&P 500 and the Nasdaq closed negative today, closing down respectively 0.057% and 0.34%. On the contrary, the Dow Jones reached a new all-time high today, closing up 0.20%.
Why did the stock market move today?
The better-than-expected quarterly earnings continue to provide optimism on the condition of the economy, even if many consider the average p/e ratio of the S&P 500 companies (22.5) dangerously high. Hopes for the approval of a new stimulus package rise as discussions are taking place in Washington between both parties.
Stocks from the energy sector rallied today, as the U.S. are being hit by a severe winter storm that caused millions of power outages.
Stock of the day
Following the release of their quarterly earnings, shares in Palantir (NYSE: PLTR) fell 12.75% today. Despite revenues beating expectations, with $322 million vs. $300.7 million expected, the data-integration company surprisingly reported a loss for the fourth quarter.
That’s all for this Tuesday’s stock market update. Stay tuned to receive your daily update!