The Stock Market Today - Top Stories For July 13, 2021
Looking for top stories from the stock market today to prepare for tomorrow? I've got ya covered:
Best Penny Stocks To Buy Before Marijuana Legalization? 4 To Watch Now
When it comes to marijuana legalization, whether state level or federal, there are plenty of moving parts. One of the great things about so much happening is that each event is a potential catalyst for marijuana penny stocks. Even the slightest glimmer of hope or smallest hiccup can trigger a big reaction in the stock market. Needless to say, as traders, you should be aware of micro-trends as they develop.
This week we’ve seen pot stocks pick up a bit after weeks of dormancy. Why are marijuana stocks moving today? Senate Majority Leader Chuck Schumer, Senator Corey Booker of New Jersey, and Senate Finance Committee Chairman Ron Wyden hold a press conference this week. But this isn’t just any PR event. According to people close to the situation, the team will reveal a preliminary version of what’s expected to be titled the “Cannabis Administration and Opportunity Act.”
Further details have yet to be revealed. However, as we’ve seen so many times in the past, legislative events centered on potential marijuana legalization can evoke an immediate reaction from investors. In this case, the broader sector trend was very bullish on Tuesday. Sector ETFs, including the Advisors Share Pure US Cannabis ETF (NYSE:MSOS), the Alternative Harvest ETF (NYSE:MJ), and the Amplify Seymour Cannabis ETF (NYSE:CNBS), each pushed higher.
Dow Jones Falls As Sell-Off Worsens On Rising 10-Year Treasury Yields; JPMorgan, Goldman Kick Off Earnings Season
The Dow Jones Industrial Average traded lower in today's market. Meanwhile, the S&P 500 also closed lower after moving off intraday highs. The Nasdaq composite turned negative later in the day, while oil prices jumped over 1% higher.
The sell-off in stocks worsened near the close Tuesday, when the 10-year Treasury yield started to rise. It's now up 5 basis points to 1.41%.
Early Tuesday, stocks sold off after new data showed consumer prices surged by the most since June 2008. The Consumer Price Index came in with a 0.9% rise, almost double the consensus estimate of 0.5%. Prices also rose 5.4% year over year, which was above consensus views for 5%.
Top Stocks To Buy Now? 3 Streaming Giants For Your Watchlist
With earnings season fast approaching and consumer spending rising, investors could be eyeing some of the top performers from 2020. Among this group of stocks, video streaming stocks could be in focus in the stock market now. For starters, some would argue that the streaming industry is the future of home entertainment. This would be the case seeing as cord-cutting trends persist even as the economy reopens. Not to mention, the current pandemic has and continues to accelerate this transition globally. For consumers, streaming platforms offer more curated and affordable content compared to conventional TV. Because of all this, it would not surprise me if investors are keen on streaming stocks now.
However you look at it, the streaming revolution continues to take hold in consumer markets. For investors looking to bet on this trend, streaming stocks would be a viable play now. With all that said, here are three worth knowing in the stock market this month.
Oil-Spewing Refiner Seeks Bankruptcy After EPA Orders Shutdown
An oil refinery that was once one of the largest in North America filed for bankruptcy after a series of environmental breaches and a government-ordered shut down, highlighting pressures faced by the oil industry to curb its environmental impact.
Limetree Bay Refining LLC sought creditor protection on Monday after the U.S. Environmental Protection Agency halted its operations earlier this year. The St. Croix, U.S. Virgin Islands-based refinery, which filed for bankruptcy in 2015 under previous ownership, said in a statement that it plans to use the court protection process in Houston to negotiate with creditors and equity holders and weigh options including asset sales.
The refinery sought bankruptcy “due to severe regulatory and financial constraints” that forced it to suspend its refinery operations indefinitely, and has lined up as much as $25 million of so-called debtor-in-possession financing that will help it maintain the refinery through the Chapter 11 process, according to the statement.
Comments
Post a Comment