What’s Going on on Wall Street? – Financial News Summary for Monday, February 1, 2021

What We Know About the Reddit Situation
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The stock market saw a good start to the week today with all three major New York stock markets showing an increase. The Dow Jones rose 0.75% to close at 30,211.91. The NASDAQ closed up 2.55% to finish at 13,403.39 and the S&P 500 closed up 1.61% to close at 3,773.86. STOXX Europe was also up today, coming in up 1.24% to close at 400.77.

 

GameStop is still at the top of the charts with shares up 400% over the course of the last week. And it’s all thanks to Reddit and the traders who helped boost the stock market. It’s definitely a strange situation and one that is still unfolding. In fact, it seems that those traders are making a bit impact on the traditional Wall Street investors with the stock rising approximately 8,170% year to date. Just since the start of this year it has risen 1,784%. That’s a huge increase for a stock that was worth only around $6 not that long ago.

 

It looks like Reddit is continuing their plans, whatever the end goal may be. And they’ve now turned on silver as their next target. In fact, silver futures reached an almost eight-year high, rallying 13% on Monday, after a 6% increase just last week. It looks like there is some danger in betting on silver, however, as there is no way to meet the huge level of demand for bars and coins, which means the Commodity Futures Trading Commission will be getting involved. They will have to ensure that there is no fraud or manipulation in this area. The claim is that the same people are behind this rise as the GameStop one, but there’s questions about whether that’s actually the case.

“SLV will destroy the biggest banks, not just some little hedge funds,” one WallStreetBets user wrote. Another claimed JPMorgan Chase has been “suppressing metals for a long time. This should be epic. LOAD UP.”

 

It sounds like users are looking for as much comfort as possible with being at home all the time and Crocs is definitely taking a look at that. They say that 2020 may have been their biggest year of sales ever and that seems pretty apparent based on their earnings report showing a 55% increase in revenue.

 

Oil came in up 0.13% to close at $53.62 per barrel today. Gold also came in up today, by 0.57%, to close at $1,859.24. The treasury yield is down slightly today, with the 10 year yield coming in at 1.09 and the 30 year yield at 1.84.

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