Tuesday’s Headlines: The Market Rally Is Back On
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
2U (TWOU) +13.0%
Chegg (CHGG) +6.7%
Smartsheet (SMAR) +4.9%
Twitter (TWTR) +4.9%
Moving Down ⬇️
BlackLine (BL) -11.2%
TrueCar (TRUE) -5.9%
Cloudflare (NET) -5.8%
Datadog (DDOG) -4.0%
Pinterest (PINS) -3.4%
As the market was closed yesterday to celebrate Presidents Day, today’s stock prices are the same as they were at Friday’s close.
1. Major U.S. indexes rose in early morning trading today suggesting that the benchmarks will continue to rally after reaching record highs at the end of last week. The Dow Jones rose 212 points, while the S&P 500 (VOO) and Nasdaq also traded in positive territory. Fear is receding thanks to the rollout of the vaccine, economic reopening, and expectations for more fiscal stimulus support. Wall Street is also eagerly awaiting earnings releases today from CVS Health, Occidental Petroleum, and Palantir. Read the full story here.
2. Conservative social media platform Parler has returned to the internet after its service provider suspended the site in the wake of the U.S. Capitol riot in January. Amazon (AMZN) Web Services (AWS) pulled Parler from its platform after it failed to remove content that promoted violence, even though the company received multiple warnings about its lack of effective moderation tools. Many Parler users said they left Twitter (TWTR), which has recently stepped up its efforts to fight misinformation, after the site banned former President Donald Trump. Parler will now be hosted by SkySilk and its new website is described as using “sustainable, independent technology and not reliant on so-called ‘Big Tech’ for its operations.” See the full story here.
3. The Australian government’s political opposition is going to support proposed legislation that would force Alphabet’s Google (GOOG) and Facebook (FB) to pay publishers for content. The bill, which the tech giants strongly oppose, is being widely watched around the globe as other countries are expected to follow suit if the new law is successful down under. Google claims the legislation is “unworkable” and has asked for a number of changes, most notably having its new platform Showcase covered by the legislation rather than search results generated. In France, Google and a French publisher group agreed in January for the tech firm to pay news publishers for content. The bill is expected to be voted on this week. Read more on the story here.
Get this week’s full earnings calendar here.