By Eric
Hey Moomooers,
Good evening. Here is the latest Market Recap for you.
It seems that this retail trading frenzy isn't over. To individual investors, the top thing is to control portfolio risks.
Stocks tumbled Friday, with the Dow and S&P 500 index booking the worst month of losses since October.
How did major indexes fare?
For the week, the $Dow Jones Industrial Average(.DJI.US)$ closed 3.2% lower, the $S&P 500 index(.SPX.US)$ down 3.3% and $Nasdaq Composite Index(.IXIC.US)$ off 3.5%.
On a monthly basis, the Dow lost 2%, the S&P 500 shed 1.1% and the Nasdaq Composite gained 1.7%.
Source: moomoo
What drove the market?
Robinhood late Thursday said it was raising more than $1 billion from its existing investors as it dealt with demands on its cash as a result of the trading frenzy, the New York Times reported. Before the capital raise, Robinhood drew on its credit lines to meet higher margin requirements from its central clearing facility for stock trades, known as the Depository Trust & Clearing Corp., the report said.
Charles Schwab & Co. and its affiliate TD Ameritrade reiterated that both firms adjusted margin requirements on select stocks to ensure clients had sufficient assets to pay for stock purchases but weren't restricting basic purchases of options or stocks.
Which stocks were in focus?
$GameStop Corp(GME.US)$: +67.9%
GameStop shares rose another 67.9% on Friday, a gain on the year of 1,625.1%, after trading app Robinhood said it would allow limited purchases of the stock . Robinhood restricted trading Thursday of GameStop and others caught up in a wave of buying by individual investors spurred on by a Reddit message board.
$Novavax Inc(NVAX.US)$: +64.87%
The Novavax COVID-19 vaccine is highly effective. The U.S. biotech has produced an interim assessment of its Phase-3 trial in the U.K., for which I volunteered last year. And it shows the vaccine is 89% effective against the disease.
$Johnson & Johnson(JNJ.US)$: -3.56%
Johnson & Johnson released early data from a Phase 3 trial of its COVID vaccine candidate, saying it appears 66% effective in preventing moderate-to-severe disease 28 days after vaccination, but is less effective in dealing with the new South African strain.
Source: Dow Jones