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US Stock Market Today: Power to the people – Gamestop powers on!

Ivan Brian FXStreet

Here is what you need to know on Tuesday, January 26 2021:

Indices were strong on Tuesday with the FTSE up 0.4%, Euro Stoxx up 1% and the Dax up nearly 1.5%.

Overnight, Asian stocks closed lower having had a strong performance on Monday. The Nikkei was down 1% and the Hang Seng down 2.5%.

US markets were pointing towards a higher open with Dow futures up 0.3%, S&P up 0.2% and Nasdaq futures flat.

EuroStoxx 50

Asian markets were lower on Tuesday giving up most of Monday's gains. Asian markets worried over possible delays to the US stimulus plan with Republicans reportedly not happy with the size and other elements of the proposed $1.9 trillion stimulus plan.

Asian markets also struggled on news of vaccine delays in Europe and news that Merck was ceasing development of its own vaccine.

European markets were stronger by contrast as investors shrugged off worries over further travel restrictions and stricter lockdowns. The financial sector was strong as UBS followed the lead set by US banks last week in posting strong results.

Italian PM Conte is due to resign on Tuesday and hopes were high that he would return swiftly with a broader backing in parliament.

US Stock futures were pointing towards a positive open. Results from Johnson & Johnson (JNJ), General Electric (GE), American Express (AMEX) and 3M (MMM) were all strong.

Shares in Gamestop (GME) continued higher with shares in GME trading up 17% in pre-market trade. Gamestop continues to be THE stock of 2021.

Shares in ETSY jumped after Elon Musk tweeted “I kinda love Etsy”!

Pharmaceutical stocks Regeneron (REGN) and Eli Lilly (LLY) both reported positive news for their antibody treatments against Covid-19. Both LLY and REGN were positive in Tuesday's pre-market trading.

Apple (AAPL) announced somewhat cryptically that its engineering chief is to leave to start an unnamed project for Apple (AAPL). Apple releases earnings on Wednesday.

Stocks covered at FXStreet:

SENS Stock Price: Senseonics Holdings Inc soars as investors await pending FDA approval

NNDM Stock Price: Nano Dimension Ltd skyrockets after a well-known investment firm takes a big bite

BNGO Stock Forecast: BioNano Genomics Inc soars by 28.37% after raising funds, bullish analysis

Gamestop (GME) Stock Price and Forecast: Why is it moving? The paradigm of a changing landscape

Gamestop (GME) Stock Price and Forecast: The hottest stock of 2021, why is it moving today?

F Stock Price: Ford Motor Company trades flat despite an upgrade from a prominent name

FCEL Stock Price: FuelCell Energy Inc gains after beating revenue estimates last quarter

CCIV stock price and news: Churchill Capital Corp IV soars on Lucid Motors SPAC merger hopes

Li Auto Inc Stock Price and News: Bulls eye a Biden boost after the Jefferies jump

AMC Entertainment Holdings (AMC) stock price trends lower despite $100 million debt offering

TRXC Stock Price: Transenterix Inc takes investors for a ride after obtaining European approvals

MRNA Stock Forecast: Moderna Inc dips on concerns of allergic reactions to its COVID-19 vaccine

AZN Stock Forecast: AstraZeneca plc gains on urgent European demand for its COVID-19 vaccine

BNGO Stock Forecast: BioNano Genomics Inc set to crash after offering shares at 35% below close price

Aurora Cannabis (ACB) Stock Price and Forecast: Rollercoaster for getting high!

AT Stock Price: Atlantic Power Corp soars on news of acquisition by I Squared Capital

NEXT Stock Price: NextDecade Corp gains again despite a further setback in its plans for Europe

BB Stock Price: BlackBerry Ltd set to extend gains as it dances with three giants

Facebook (FB) Stock Price and Forecast: WhatsApp signals some problems, FB and GOOGL face antitrust lawsuit

Signal Advance Inc (SIGL) Stock Price and Forecast: The WhatsApp (FB) killer, except it is not!

Alibaba (BABA) Stock Price Forecast: Gains 3% on IM electric sedan launch

Delta Air Lines (DAL) Stock Price and Forecast: Preparing for take off

NIO Stock Price Forecast: Carmaker weathers comments calling for a correction, a sign of strength

Ideanomics Inc (IDEX) Stock Price and Forecast: Charging ahead with the sector

BNGO Stock Forecast: BioNano Genomics Inc eyes all-time highs after cancer-related progress

PLTR Stock Price: Palantir Technologies Inc holding onto high ground after analyst boost

The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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