The first US cannabis ETF surpassed $1 billion in AUM in its first 6 months of trading

Cannabis marijuana pruned
Cannabis plants are pruned at a grow facility in Oregon


The AdvisorShares Pure US Cannabis ETF has surpassed $1 billion in assets under management, according to a company statement released Tuesday.

The ETF, which trades under the ticker MSOS, launched on September 2, 2020 and has grown from $2.5 million in assets to now $1 billion in just six months. The fund has returned 110% since its inception and 37% in 2021 alone.

The AdvisorShares ETF was the first US exchange traded fund to focus solely on American cannabis companies and multi-state operations (MSOs), or companies directly involved in the legal production and distribution of cannabis. 

The fund’s inflows are a sign of growing investor interest in the cannabis space amid speculation that the Biden administration will keep its campaign promises and decriminalize marijuana. Some Democrats in Congress have pushed even further, advocating for the full legalization of cannabis in the US. 

“There’s a lot of excitement surrounding the cannabis investment space right now and for a variety of reasons,” said Dan Ahrens, AdvisorShares’ chief operating officer and portfolio manager of MSOS. “We firmly believe that the U.S. cannabis market provides a compelling long-term investment opportunity that clearly differentiates itself from other areas of the globe.” 

Other cannabis ETFs have also  performed well in 2021. Even after shedding gains from earlier this month, the ETFMG Alternative Harvest ETF is up 63% year-to-date, while the Amplify Seymour Cannabis ETF is up 81% year-to-date.

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Tech stocks pare deep losses but still decline as Fed’s Powell eases concerns over runaway inflation

NYSE Powell Traders
Traders work, as a screen shows Federal Reserve Chairman Jerome Powell’s news conference after the U.S. Federal Reserve interest rates announcement, on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 30, 2019.

  • US stocks pared losses but closed lower on Tuesday after Fed chair Jerome Powell staved off fears of rampant inflation.
  • Stimulus and reopening could lift price growth, but the effect will likely be small and temporary, Powell said.
  • Bitcoin tanked below $49,000 after trading as high as $55,053.91 Monday afternoon as investors snapped up crypto profits.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US equities erased major losses and swung higher on Tuesday after commentary from Federal Reserve Chair Jerome Powell eased concerns of stronger-than-expected inflation.

Growth favorites tumbled immediately after the open as investors bet on Biden-backed stimulus to supercharge the US recovery. The increasing likelihood of a stimulus boost has revived fears of near-term inflation as fiscal support lifts consumer spending. Value stocks and small caps historically outperform momentum names as inflation rises.

The rotation faded through the session as Powell testified to the Senate Banking Committee. New stimulus and economic recovery could lift inflation, but an uptick will likely be small and only temporary, Powell said, adding some reopening-fueled price growth is “a good problem to have.”

Falling COVID-19 case counts and vaccine rollouts “offer hope for a return to more normal conditions later this year,” he added.

Here’s where US indexes stood at the 4 p.m. ET close on Tuesday:

Aside from consumer discretionary stocks, every S&P 500 sector rose through the day. Energy and communications stocks rose the most.

The bounce-back marks a sharp reversal from the drop seen one session prior. Stocks closed mixed on Monday as inflation concerns pulled cash out of large-cap names and into reopening bets. The Nasdaq composite ended the session down nearly 2.5%, while the Dow rose slightly. 

Encouraging virus trends have also prompted investors to position for a summer recovery. The US reported 52,530 new cases on Monday, according to The COVID Tracking Project. That’s the lowest daily total since mid-October. And while the pace of vaccinations has moderated slightly from last week, the US is still averaging about 1.4 million doses a day.

Tesla sank for a second straight day, temporarily hitting its lowest level since December before rebounding. Monday’s losses saw more than $64 billion erased from the automaker’s market cap and led CEO Elon Musk to lose his title as the world’s wealthiest person.

AMC extended a two-day rally after New York Governor Andrew Cuomo announced movie theaters could reopen at 25% capacity in New York City next week.

Bitcoin plummeted as investors took profits from the cryptocurrency’s latest run-up. The token hovered around $47,000 after trading as high as $55,053.91 Monday afternoon. To be sure, prices are still up roughly 55% year-to-date.

Spot gold dipped as much as 0.77%, to $1,795.73 per ounce, at intraday lows before erasing most losses. The US dollar wavered against a basket of Group-of-20 currencies. Treasury yields edged higher as investors dumped the safe havens.

Oil prices erased early losses and rose. West Texas Intermediate crude gained as much as 2.1%, to $63 per barrel. Brent crude, oil’s international benchmark, dropped 2.4%, to $66.79 per barrel.

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Tech stocks continue sharp slump as economic-recovery prospects stoke inflation fears

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  • US stocks declined on Tuesday as expectations for rising inflation dragged on tech mega-caps.
  • Investors rotated further to value stocks and small caps from growth names as stimulus optimism fueled bets on economic recovery.
  • Bitcoin tanked below $49,000 after trading as high as $55,053.91 Monday afternoon as investors snapped up crypto profits.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US equities broadly fell on Tuesday as positioning for strong economic growth and a pickup in inflation weighed on the tech sector.

Growth favorites faced fresh pressure after the open as investors bet on Biden-backed stimulus to supercharge the US recovery. The increasing likelihood of a stimulus boost has revived concerns of near-term inflation as fiscal support lifts consumer spending. Value stocks and small caps historically outperform momentum names as inflation rises.

Tech mega-caps that fueled the market’s first bounce from pandemic lows saw the most intense selling. The Dow Jones industrial average outperformed amid hopes the economic rebound would revive ailing sectors.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

The tech-led decline mirrors the drop seen to start the week. Stocks closed mixed on Monday as inflation concerns pulled cash out of large-cap names and into reopening bets. The Nasdaq composite ended the session down nearly 2.5%, while the Dow rose slightly. 

Falling COVID-19 case counts have also prompted investors to position for a summer recovery. The US reported 52,530 new cases on Monday, according to The COVID Tracking Project. That’s the lowest daily total since mid-October. And while the pace of vaccinations has moderated slightly from last week, the US is still averaging about 1.4 million doses a day.

Federal Reserve Chair Jerome Powell is expected to ease fears of overwhelming inflation when he testifies to the Senate Banking Committee at 10 a.m. ET. Central bank officials have signaled in recent weeks that, though stimulus may lift inflation soon after its passage, the increase will likely be temporary.

Tesla sank for a second straight day to its lowest level since December. Monday’s losses saw more than $64 billion erased from the automaker’s market cap and led CEO Elon Musk to lose his title as the world’s wealthiest person.

Bitcoin plummeted as investors took profits from the cryptocurrency’s latest run-up. The token hovered just below $49,000 after trading as high as $55,053.91 Monday afternoon. To be sure, prices are still up more than 60% year-to-date.

Spot gold dipped as much as 0.3%, to $1,803.73 per ounce, at intraday lows before erasing most losses. The US dollar strengthened slightly against a basket of Group-of-20 currencies. Treasury yields edged higher as investors dumped the safe havens.

Oil prices pared early gains and tumbled. West Texas Intermediate crude fell as much as 0.72%, to $61.25 per barrel. Brent crude, oil’s international benchmark, dropped 0.35%, to $65.01 per barrel.

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US stocks fall as investors mull how stimulus will impact inflation

NYSE Trader Blur
Traders on the floor react before the opening bell on the New York Stock Exchange on March 9, 2020 in New York.


US stocks fell Monday morning as investors remained cautious that a large federal stimulus, coupled with surging commodity prices and rising government bond yields could lead to a rise in inflation, just as the world economy is starting to bounce back from the coronavirus pandemic. 

The yield on the benchmark 10-year US Treasury note is around 1.37%, its highest in a year, having doubled in the space of six months. 

“Near-term Treasury bond prices are likely to remain under pressure as yields rise in anticipation of the economic re-openings that lie ahead. That said, in our experience the bond market has been known to project its expectations for inflation well beyond levels that are justified by the trends in the actual inflation rate,” said John Stoltzfus Oppenheimer Asset Management chief investment strategist. 

US lawmakers will debate on President Joe Biden’s proposed $1.9 trillion American Rescue Plan act this week. Also, Federal Reserve chairman Jerome Powell will deliver testimony to the Senate Banking and House Financial Services Committees. 

Here’s where US indexes stood after the 9:30 a.m. ET open on Monday:

“Big Short” investor Michael Burry warned over the weekend that rampant speculation and widespread betting with borrowed money has driven the stock market to the brink of collapse

“Speculative stock #bubbles ultimately see the gamblers take on too much debt,” the investor tweeted, along with a chart showing the S&P 500 index and levels of margin debt both soaring in recent months. “The market is dancing on a knife’s edge,” Burry said.

Toast Inc, a cloud-based restaurant-software provider, is planning an initial public offering that could value the firm at around $20 billion, the Wall Street Journal reported.

Bitcoin fell 10% to a 24-hour low under $52,000. The drop follows Sunday’s record high of $58,330. 

Oil prices were higher. West Texas Intermediate crude increased 2.3% to $60.60 per barrel.  Brent crude, oil’s international benchmark, rose 1.75% to $64.01 per barrel.

Gold gained about 1% to $1,795.80 per ounce. 

 

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US stocks hit record highs as optimism on economic reopening accelerates

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  • US stocks hit record highs on Tuesday as investor optimism on an accelerated economic reopening increased.
  • Daily COVID-19 cases have plunged over the past week as the administration of vaccines picks up steam.
  • Bitcoin’s surge past the $50,000 level highlights the risk-on investment environment.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks traded at record highs on Tuesday as optimism around an accelerated reopening of the economy increased among investors.

The optimism is mostly predicated on a continued plunge in daily COVID-19 cases since the peak of the third wave in early January. On Sunday, there were about 55,000 recorded cases of COVID-19, compared to 93,000 a week ago.

The plunge in cases comes as the administration of COVID-19 vaccines accelerates, with the US recently seeing some days with more than 2 million doses given, though a snowstorm and plunging temperatures for about half the country slowed down the vaccine rollout over the holiday weekend.

Here’s where US indexes stood after the 9:30 a.m. ET open on Tuesday:

Read More: The CIO of a $700 million crypto asset manager breaks down why Elon Musk’s gradual acceptance of bitcoin means the digital currency has room to run – and shares why it’s launching an over-the-counter fund

Bitcoin surged past the key $50,000 level on Tuesday, signalling that investors continue to be in a risk-on environment.

MicroStrategy is continuing its bitcoin buying binge, with plans to raise $600 million from convertible debt to buy more of the cryptocurrency. Shares jumped 5% on the news.

Ark Invest is also benefiting from the rise in bitcoin prices. The investment management firm, founded by Cathie Wood, now owns more than 7 million shares in the Grayscale Bitcoin Trust.

US oil and natural gas prices surged on Tuesday as freezing weather hit more than half the country, with Texas residents suffering from rolling blackouts as its electricity grid was overwhelmed by the increased demand for energy. 

Oil prices were mixed. West Texas Intermediate crude jumped as much as 0.92%, to $60.02 per barrel. Brent crude, oil’s international benchmark, was down 0.33%, to $63.10 per barrel.

Gold fell 1.85%, to $1,789.30 per ounce.

Read more: A Ruffer portfolio manager invested a portion of his $4.8 billion fund in Bitcoin. Here’s what swayed him to bet on crypto – and the 2 other ways he’s hedging against worrying speculative bubbles

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US stocks dip as market rally pauses near record highs

NYSE Trader Blur
Traders on the floor react before the opening bell on the New York Stock Exchange on March 9, 2020 in New York.

  • US stocks edged lower from all-time highs on Friday as investors mulled how much further the market could climb.
  • Optimism around vaccinations and new stimulus has run up against concerns of unsustainable valuations.
  • Bitcoin traded around $47,500 after notching a record high late Thursday. Adoption from BNY Mellon, Mastercard and Tesla sent prices soaring through the week.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US equities fell slightly on Friday as bullish investors stopped to take stock of the market’s record-setting rally.

The S&P 500 climbed to an all-time high on Thursday as stimulus hopes and declining jobless claims bolstered bullish sentiments. Momentum has since stalled as investors weigh whether stocks have room to move higher. While Democrats continue to push for a $1.9 trillion relief package, stretched valuations and lasting pain in the labor market stand to curb further gains.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

Read more: A crypto CEO breaks down why Tesla adding bitcoin to its balance sheet will create a ‘domino effect’ that lifts the cryptocurrency to $100,000 by the end of 2021 – and says Dogecoin is destined for a GameStop-style plunge

Separately, the emergence of new COVID-19 strains threatens optimism around an improving pace of vaccination. The US administered 1.62 million doses per day on average last week, bringing the nationwide total to 48 million vaccinations. President Joe Biden announced Thursday the drive will accelerate further still, with the US completing orders for 100 million additional doses from Pfizer and Moderna.

Yet public health experts have warned the shots are less effective against new, rapidly spreading strains of COVID-19. Investors are sure to monitor whether the UK and South African virus variants will cut into efforts to reach herd immunity.

Coronavirus case counts suggest the strains aren’t yet throwing the US into another wave of infections. The country reported 103,024 new cases on Thursday, down significantly from levels seen just one month ago. Hospitalizations declined further to 74,225, according to The COVID Tracking Project.

Earnings season continued. Disney gained after reporting earnings and revenue above Wall Street’s expectations. Subscribers for its Disney Plus streaming service neared 95 million even as a free-trial deal with Verizon customers ended, the company said.

Read more: Wall Street veteran Peter Kraus breaks down why investors should expect about a 10% to 15% market correction ahead – and shares his thoughts on the GameStop drama, SPAC mania, and bitcoin craze.

Bumble gained again after soaring 64% in its Thursday trading debut. The dating app raised $2.2 billion on Wednesday offering 50 million shares for $43 each. The post-IPO pop suggests demand for new offerings will remain strong in 2021.

Bitcoin stabilized around $47,500 after falling from a record-high of 48,925.53 Thursday night. Backing from industry giants including Tesla and BNY Mellon has reinvigorated the cryptocurrency and lifted prices throughout the week.

Spot gold edged as much as 0.81% lower, to $1,810.67 per ounce. The US dollar strengthened against a basket of Group-of-20 currency peers and Treasury yields climbed.

Oil prices fell. West Texas Intermediate crude dropped as much as 1.4%, to $57.41 per barrel. Brent crude, oil’s international benchmark, was down 1.3%, to $60.34 per barrel, at intraday lows before paring most losses.

Read more: JP Morgan says 2021 is a ‘stockpickers’ paradise with big money-making opportunities’ – Here’s the firm’s 22 ‘highest conviction’ small-cap investment ideas

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Dow, S&P 500 hit record highs as Biden administration continues push for $1.9 trillion stimulus

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  • All three major US stock indexes climbed to intraday record highs Monday as investors remained optimistic for a large stimulus.
  • Treasury Secretary Janet Yellen pushed for Congress to pass a package of $1.9 trillion, citing the rocky labor market.
  • Bitcoin soared to a record high after Tesla said it bought $1.5 billion of the cryptocurrency.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

All three major US stock indexes hit intraday record highs on Monday as investors remained hopeful the Biden administration will pass a large stimulus package to support the economic recovery. 

US Treasury Secretary Janet Yellen pushed for Congress to pass a $1.9 trillion stimulus package in a Sunday interview. “If we don’t provide additional support, the unemployment rate is going to stay elevated for years to come,” she told CNN. Her comments follow last week’s disappointing payrolls report; The US added 49,000 jobs in January, missing the estimate of 105,000 additions.

“Reasons for the surge include the end of the short-interest induced frenzy, a gradual slowdown in the number of new Covid-19 cases in the U.S., an improvement in global GDP growth estimates, and the likelihood that most of the Biden $1.9 trillion stimulus package will be approved by congress,” said CFRA’s Sam Stovall on Monday.

The S&P 500 and Nasdaq closed at records last week to finish the first five trading days of February.

Here’s where US indexes as of 12:45 p.m. ET on Monday:

Read more: Credit Suisse says to buy these 16 ‘highest-conviction’ stock picks that are set to outperform despite the market’s contrarian view

Bitcoin soared as much as 16% to all-time-highs of $44,795.20 Monday morning after documents filed with the SEC revealed that Tesla invested $1.5 billion in the popular cryptocurrency. The electric vehicle maker also said it plans to accept the cryptocurrency as payment.

The latest investor dipping into the SPAC space is US hedge fund Elliott Management, known for its activist leaning. The Wall Street Journal reported Elliott has been meeting with bankers to raise more than $1 billion to create a special-purpose acquisition company.

Dating app Bumble increased its IPO size to $1.8 billion on Monday, according to a regulatory filing. The company will now offer 45 million shares priced at between $37 to $39 per share.

Oil prices rose. West Texas Intermediate crude jumped as much as 1.44%, to $57.66 per barrel. Brent crude, oil’s international benchmark, gained 1.37%, to $60.16 per barrel, at intraday highs.

Gold rose 1.2%, to $1,834.50 per ounce.

Read more: GOLDMAN SACHS: Buy these 13 stocks poised to benefit from surging commodity costs – including 2 set to soar by more than 40%

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Dow, Nasdaq on pace for record highs as Biden administration pushes for $1.9 trillion stimulus

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  • US stocks are set to hit new record highs Monday as investors remain optimistic for a large stimulus.
  • Treasury secretary Yellen pushed for Congress to pass a package of $1.9 trillion, citing the rocky labor market.
  • Bitcoin soared to a record high after Tesla said it bought $1.5 billion of the cryptocurrency.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks neared record-highs Monday morning as investors remain hopeful the Biden administration will pass a large stimulus package to support the economic recovery. 

US Treasury secretary Janet Yellen pushed for Congress to pass a $1.9 trillion stimulus package in a Sunday interview. “If we don’t provide additional support, the unemployment rate is going to stay elevated for years to come,” she told CNN. Her comments follow last week’s disappointing payrolls report; The US added 49,000 jobs in January, missing the estimate of 105,000 additions.

The S&P 500 and Nasdaq closed at records last week to finish the first five trading days of February.

“Reasons for the surge include the end of the short-interest induced frenzy, a gradual slowdown in the number of new Covid-19 cases in the U.S., an improvement in global GDP growth estimates, and the likelihood that most of the Biden $1.9 trillion stimulus package will be approved by congress,” said CFRA’s Sam Stovall on Monday.

Bitcoin soared 13% to all-time-highs of $43,725.51 Monday morning after documents filed with the SEC revealed that Tesla invested $1.5 billion in the popular cryptocurrency. The electric vehicle maker also said it plans to accept the cryptocurrency as payment. Bitcoin’s previous record high was $41,946.74 on January 8.

Here’s where US indexes stood after the 9:30 a.m. ET open on Monday:

Read more: Bank of America says investors might start selling stocks and buying bonds sooner than expected. Here’s when it could happen, and what to own for maximum income if yields keep rising.

The latest investor dipping into the SPAC space is US hedge fund Elliott Management, known for its activist leaning. The Wall Street Journal reported Elliott has been meeting with bankers to raise more than $1 billion to create a special-purpose acquisition company.

Dating app Bumble increased its IPO size to $1.8 billion on Monday, according to a regulatory filing. The company will now offer 45 million shares priced at between $37 to $39 per share.

Oil prices rose. West Texas Intermediate crude jumped as much as 1.44%, to $57.66 per barrel. Brent crude, oil’s international benchmark, gained 1.37%, to $60.16 per barrel, at intraday highs.

Gold rose 1.2%, to $1,834.50 per ounce.

Read more: GOLDMAN SACHS: Buy these 13 stocks poised to benefit from surging commodity costs – including 2 set to soar by more than 40%

 

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S&P 500, Nasdaq hit records as weak jobs report boosts chances of $1.9 trillion stimulus package

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  • US stocks gained on Friday after the US Senate approved a budget measure that will enable the passage of a $1.9 trillion stimulus bill.
  • The move from the US Senate came hours before the January US jobs report missed expectations.
  • Also supporting stocks is Johnson & Johnson submission of its single-dose COVID-19 vaccine to the FDA for emergency use authorization.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks jumped on Friday after the US Senate approved a budget measure that will enable the passage of a $1.9 trillion stimulus bill without Republican support.

The vote in the US senate, in which Vice President Kamala Harris cast the tie-breaking vote, came hours before the January jobs report missed analyst estimates.

The US added just 49,000 jobs in January, well below the estimate for 105,000 new jobs. However, the unemployment rate continued to decline, falling to 6.3% from 6.7%.

Here’s where US indexes stood after the 9:30 a.m. ET open on Friday:

Read more: Market wizard Michael Kean has averaged a 29% annual compounded return since starting his company 10 years ago. He shares his unique stock-picking strategy and 4 pieces of advice for anyone who wants to become a trader.

Also supporting stocks on Friday was Johnson and Johnson’s submission of its single-dose COVID-19 vaccine data to the FDA for emergency use authorization. The FDA could approve the vaccine in a matter of weeks, and Johnson and Johnson said it would supply the US with 100 million doses by the Summer.

GameStop and AMC Entertainment staged a small bounce on Friday after Robinhood removed all buying restrictions on the volatile stocks that staged a short-squeeze last week. 

Shares of Pinterest surged as much as 11% on Friday after the company reported earnings that beat analyst expectations. The social media platform said it added 100 million users in 2020.

The strong demand for Peloton bikes has led to extensive wait times for new customers, and the stock fell 6% after the company said it would invest $100 million to help shrink long wait times to more acceptable levels.

Oil prices rose. West Texas Intermediate crude jumped as much as 1.42%, to $57.04 per barrel. Brent crude, oil’s international benchmark, gained 1.27%, to $59.59 per barrel, at intraday highs.

Gold rose 0.34%, to $1,796.70 per ounce.

Read more: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager, a platform with no Robinhood-style restrictions. Its CEO says Bitcoin will hit $100,000 this year – and shares 3 other cryptocurrencies to watch.

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Dow climbs 345 points as concerns of Reddit-fueled volatility cool

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  • US stocks rose for the second straight session as day-trader volatility eased from last week’s highs.
  • GameStop, AMC Entertainment, and other Reddit darlings fell as retail investors took profits.
  • Alphabet and Amazon are set to influence Wednesday’s action by reporting earnings after the market close.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US equities gained for the second straight day as the unwinding of retail-trader volatility aided sentiment.

Stocks recently boosted by an army of casual investors sank as profit-taking finally caught up with their weeks-long rallies. GameStop, AMC, and BlackBerry all traded lower, though not harshly enough to erase their steep rallies. Traders in the Wall Street Bets subreddit urged members to keep holding shares, but brokers’ trading restrictions and concerns about the bubble bursting have driven selling.

Elsewhere, investors cheered President Joe Biden’s push to pass a massive economic stimulus bill. The president met with 10 Senate Republicans on Monday to discuss their much smaller counterproposal. The White House press secretary, Jen Psaki, said that though the meeting was “productive,” the administration would “not settle for a package that fails to meet the moment.”

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

Read more: Buy these 26 heavily shorted stocks as retail traders trigger wild rallies in Wall Street’s least liked names, Wells Fargo says

Stocks were also lifted by signs that the worst stage of the coronavirus pandemic is abating. Daily new cases have fallen to their lowest since early November, and hospitalizations have trended lower in recent weeks. Vaccinations have accelerated, suggesting the country could be on its way to a reopening.

Earnings season charges on after the close with Google’s parent, Alphabet, and Amazon set to report quarterly figures. The companies’ large weightings in benchmark indexes mean their reports could drag the broader market lower on Wednesday or extend the week’s rally.

Pfizer, UPS, and Exxon Mobil all climbed after reporting earnings ahead of the market open.

Read more: The investing chief at a $200 million hedge fund that earned 300% on its Bed Bath & Beyond trade breaks down why the GameStop mania is ‘just the beginning’ – and shares another stock he believes will similarly spike

Virgin Galactic leaped for the second consecutive session amid high hopes for a new test flight. The company said on Monday that it would conduct a rocket-powered trial as early as February 13.

Bitcoin neared $35,000 after trading below the $34,000 support level for much of the weekend. The popular cryptocurrency has regained some momentum in recent sessions following its late-January slide below $30,000.

Spot gold slid 1.7%, to $1,829.91 per ounce, at intraday lows. The US dollar weakened slightly against a basket of Group-of-20 currency peers, and Treasury yields rose.

Oil prices climbed. West Texas Intermediate crude jumped as much as 2.7%, to $55.02 per barrel, its highest level in a year. Brent crude, oil’s international benchmark, gained 3.5%, to $57.84 per barrel, at intraday highs.

Read more: The GameStop mania driven by Reddit traders isn’t simple market trolling. It’s a populist movement threatening to disrupt the financial system to a degree Occupy Wall Street only dreamed of.

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