Mar. 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, March 2, 2021).
All main indexes closed negative today, with the S&P 500 closing down 0.81%, the Dow Jones down 0.46% and the Nasdaq down 1.69%.
Why did the stock market move today?
Rebalancing the positive trend seen yesterday, high growth stocks were the ones who suffered the most today. This sell-off might represent a shift towards value stocks in light of growing interest rates on mortgages and in light of the quick vaccine distribution that will allow things to slowly get back to the pre-pandemic normal.
Stock of the day
Shares in the heavily shorted Rocket Companies (NYSE: RKT) jumped 71% today. The online mortgage provider reported better than expected earnings last week and has been recently under the radar of the “wallstreetbets” community on Reddit.
That’s all for this Tuesday’s stock market update. Stay tuned to receive your daily update!