What Did the Stock Market Do? Jan. 29, 2021

Newest Updates:

Main Indices Finish Friday within the Pink

[Friday, January 29, 4:20 pm]
Contributed by Sarah Smith

The S&P 500 closed decrease by 1.93%
The Dow Jones Industrial Common closed decrease by 2.03%
The Nasdaq Composite closed decrease by 2%
The Russell 2000 closed decrease by 1.57%

Robinhood Locations Restrictions on 50 Common Reddit Shares

[Friday, January 29, 4:18 pm]
Contributed by Sarah Smith

Robinhood has expanded its checklist of buying and selling restrictions, citing ongoing market volatility. The checklist now creates mixture limits on what number of new shares traders can purchase of sizzling Reddit shares. Nonetheless, this checklist impacts 50 completely different names. Past high fliers like GameStop (NYSE:GME) and AMC Leisure (NYSE:AMC), the bans have prolonged to different in style names like Churchill Capital IV (NYSE:CCIV) and Jaguar Well being (NASDAQ:JAGX).

For more, read the InvestorPlace.com brief on the Robinhood bans here.

Noon Replace: Dow Lags Down 600+ Factors

[Friday, January 29, 1:57 pm]
Contributed by Sarah Smith

The S&P 500 is down 2.01%
The Dow Jones Industrial Common is down 2.02%
The Nasdaq Composite is down 2.15%
The Russell 2000 is down 1.15%

Coinbase Suffers Outages After Direct Itemizing Information

[Friday, January 29, 12:49 pm]
Contributed by Sarah Smith

Using a wave of enthusiasm within the cryptocurrency market, Coinbase shared on Friday that it’ll come public by way of a direct providing. Nonetheless, issues quickly took a flip for the more severe.

Following the information, prospects began reporting issue buying and selling cryptos on the platform. As the most important digital foreign money alternate in america, these considerations are usually not precisely minor. However buying and selling outages occur, proper?

Though Coinbase and its peer crypto exchanges have never been immune to such outages, retail traders are particularly delicate proper now. That’s as a result of Robinhood and different brokerages deliberately blocked buying and selling on high-flying shares like GameStop (NYSE:GME) and AMC Leisure (NYSE:AMC) yesterday. With cryptocurrencies like Dogecoin (CCC:DOGE) and Bitcoin (CCC:BTC) rocketing increased at present, platform outages really feel eerily comparable. Nonetheless, Coinbase seems to be affected by excessive market volatility and technical points. In keeping with the newest firm updates, companies are again up and the team is monitoring for further issues.

For more, read the InvestorPlace.com brief on Coinbase here.

What Will Occur to the Robinhood IPO?

[Friday, January 29, 12:30 pm]
Contributed by Sarah Smith

I’ve been bashing Robin Hood for a very long time. I consider it was nice that they compelled the large guys to decrease commissions to zero.
BUT, they’ve been scalping small traders for too lengthy AND now this!
Unacceptable.
The worth of a possible IPO is plummeting!

— Matt McCall (@MatthewMcCall) January 28, 2021

Not too way back, traders have been celebrating the potential for a Robinhood IPO. In December, information that the buying and selling platform was working with Goldman Sachs to navigate an preliminary public providing had the market excited. That’s as a result of with a $20 billion valuation and a track record of disrupting finance, many noticed such an providing as an effective way to make cash.

That argument provides up. Robinhood, up till just lately, was synonymous with retail traders and the rise of buying and selling communities like r/WallStreetBets. That every one modified yesterday, when the corporate appeared to aspect with hedge funds and different short-sellers. Robinhood bans on GameStop (NYSE:GME) and AMC Leisure (NYSE:AMC) have prompted bipartisan political anger, a class-action lawsuit and an entire lot of belief points. As InvestorPlace contributor William White highlighted, many purchasers merely don’t belief Robinhood anymore.

Will a Robinhood IPO nonetheless occur? And if it does, will that $20 billion valuation nonetheless be related?

3 Massive Tales to Watch Right now

[Friday, January 29, 11:08 am]
Contributed by Sarah Smith

GameStop sparks a revolution? Yesterday Robinhood despatched the monetary world right into a tizzy when the buying and selling platform blocked new purchases of GameStop (NYSE:GME), AMC Leisure (NYSE:AMC) and an entire host of different high-flying equities. The rationale behind the controversial transfer was that Robinhood wished to guard retail traders. Critics have been fast to tear aside that protection, with some like Dave Portnoy calling for the founders to serve prison time. The place do issues stand now? Robinhood and different brokers are permitting some buying and selling of these shares at present. GME inventory, maybe spurred on by the Robinhood revival, is up 80% and again over $300. Buyers also needs to preserve a detailed eye on Washington, the place talks of investigation are rising. Rep. Maxine Waters and Sen. Sherrod Brown have introduced plans to hold a hearing on the state of the stock market.
Cryptocurrencies. The following wave of the r/WallStreetBets rally is hitting the cryptocurrency market. Celebrities like Elon Musk and Jack Dorsey are championing Bitcoin (CCC:BTC), and Musk and a cult of Redditors are aiming to get Dogecoin (CCC:DOGE) to $1. The massive story right here is that after the Robinhood bans, many traders are craving the decentralized finance that cryptocurrencies promise. With that in thoughts, a handful of crypto names are soaring Friday.
Covid-19 vaccines. Novavax (NASDAQ:NVAX) has additionally been off to the races at present, after sharing that its Covid-19 vaccine candidate proved 89% effective against the virus. Shares stay up greater than 60% on Friday as traders rally behind the underdog pandemic play. One attainable level of concern is that the candidate doesn’t appear as efficient towards the UK pressure. Johnson & Johnson (NYSE:JNJ) additionally shared vaccine knowledge at present, saying that its candidate is 72% efficient in america. Like Novavax, Johnson & Johnson shared that its one-shot vaccine is less effective in other regions.

Dow Sheds 200 Factors at Market Open

[Friday, January 29, 9:32 am]
Contributed by Sarah Smith

The S&P 500 opened decrease by 0.62%
The Dow Jones Industrial Common opened decrease by 0.68%
The Nasdaq Composite opened decrease by 0.44%
The Russell 2000 opened decrease by 0.1%

Cryptocurrencies Launch Reddit-Fueled Rally

[Friday, January 29, 8:43 am]
Contributed by Sarah Smith

Elon Musk, Jack Dorsey and the retail investor military generally known as r/WallStreetBets are inspiring a serious rally in cryptocurrencies at present. Maybe the story is so simple as the truth that yesterday was a lesson in centralization and regulation. Quick-selling hedge funds have been dropping severe cash whereas Redditors have been racking up positive aspects. Robinhood, allegedly to maintain these Redditors from dropping their cash, halted buying and selling in in style shares like GameStop (NYSE:GME) and AMC Leisure (NYSE:AMC). Buyers, celebrities and a bipartisan group of lawmakers united in response.

Because the information cycle advanced, cryptocurrencies grew to become the true winners. Musk and Dorsey took to Twitter (NYSE:TWTR) to share their help. Dogecoin (CCC:DOGE) grew to become the top-mentioned crypto on that very same social media platform. As DOGE and its bigger crypto friends rocket increased, traders ought to be paying shut consideration.

For more, read the InvestorPlace.com brief on crypto news here.