Stock Market Today: Dow Jones, S&P 500 Opens Higher; Cannabis Stocks On The Rise

Stock Market Today Mid-Morning Updates

On Friday, the Dow Jones Industrial Average is up by 60 points. This comes as the U.S. and European Union (EU) announced a new partnership to reduce Europe’s reliance on Russian energy, the start of a years-long effort to further isolate Russia after it began its invasion of Ukraine in February. With the new partnership, the U.S. and other nations will increase liquified natural gas exports to Europe by 15 billion cubic meters this year. Larger shipments will be delivered in the future as well. 

Today, DexCom (NASDAQ: DXCM) has announced a 4-for-1 stock split of its common shares. It will see the company’s outstanding shares increasing to 800 million from the current 200 million shares. The EU also agreed on landmark new antitrust regulations that could reshape how tech giants like Meta Platforms (NASDAQ: FB) and Amazon (NASDAQ: AMZN) conduct business in the bloc. The regulation aims to prevent Big Tech from abusing its market position to harm smaller rivals.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 0.22% today while Microsoft (NASDAQ: MSFT) is down by 0.14%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher on Friday. Among the Dow financial leaders, Visa (NYSE: V) is up by 0.58% while Goldman Sachs (NYSE: GS) is also up by 1.03%.

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 0.85% on Friday. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 1.32%. Lucid Group (NASDAQ: LCID) is down by 2.90% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened lower today.

Dow Jones Today: Russia Proposes Bitcoin Payments For Oil & Energy Exports

Following the stock market opening on Friday, the S&P 500 and Dow are trading higher at 0.08% and 0.21% respectively. The Nasdaq however, is trading lower at 0.32% today. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 0.32% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up by 0.08%. 

The 10-year Treasury yield remains elevated at nearly 2.37% today. U.S. oil prices, however, dipped by 2% to around $110 per barrel. This comes as concerns are easing on expectations that crude exports would resume from Kazakhstan’s CPC terminal. Russia on Thursday announced that it is considering accepting bitcoin as payment for its oil and gas exports. It also says that when it comes to “friendly” countries like China or Turkey, Russia will be more flexible with payment options. The price of Bitcoin is up by 1.97% today and currently trades at $44,883.

 [Read More] Top Stock Market News For Today March 25, 2022

Cannabis Stocks On A Roll Following Talks Of Federal Legalization

Weed stocks are making headlines yet again this week as the topic of federal legalization is back on the table. This is apparent as some of the top cannabis firms in the stock market today are seeing notable gains. Just this week, companies such as Tilray (NASDAQ: TLRY) and Sundial Growers (NASDAQ: SNDL) are up by over 20%. Diving in, all this is likely due to the U.S. House of Representatives setting another date to vote on a bill. Should this bill receive complete approval across bodies of government, it would see the nationwide legalization of marijuana. 

In theory, this would provide a massive bump in addressable markets for cannabis businesses. Going into the specifics, the House will be looking into the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act. As before, the bill will need to make it past voting on the House floor followed by clearance in the U.S. Senate. The latter of which was where a similar bill was blocked back in December 2020. Accordingly, this version of the bill is also pushing for the delisting of cannabis as a federally controlled substance. Moreover, the promotion of social equity throughout a legitimate industry is also another key focus of the bill. Because of all this, investors are understandably looking out for the best cannabis stocks to buy now.

Not to mention, companies in the space are actively expanding their offerings. Just this week, both Aurora Cannabis (NASDAQ: ACB) and Cresco Labs (OTCMKTS: CRLBF) made notable acquisitions. For starters, Aurora purchased Thrive Cannabis for $38 million. Following that, Cresco Labs took over Columbia Care for $2 billion. As such, weed stocks would be attractive plays for some now.

[Read More] Stocks To Invest In Right Now? 4 Consumer Tech Stocks In Focus

Bed Bath & Beyond Stock Gains Following New Of Board Shake-Up Deal With Ryan Cohen

In other news, former meme stock Bed, Bath & Beyond (NASDAQ: BBBY) or BBBY for short is in focus today. Evidently, the company’s shares are now trading higher by over 6% at today’s opening bell. By and large, this follows the latest news regarding the company’s dealings with activist investor Ryan Cohen. As of today, three directors from Cohen’s investment firm, RC Ventures will be joining the company’s board. They will act as independent directors. Notably, this comes at a crucial time for the home furnishings company as it is amidst a turnaround effort. This being the case as the firm looks to refine its operations.

Speaking on this latest development is BBBY CEO Mark Tritton. He notes, “As we move forward, our goals will continue to focus on delivering value for our shareholders, enhancing experiences for our customers, executing on the transformation throughout our business, and creating new and exciting opportunities for our dedicated employees across all our banners.” For one thing, Ryan Cohen and his team seem to have plenty of ideas for how BBBY could shake things up. Earlier this month, after revealing his 9.8% stake in the company, Cohen suggested that a sale of BBBY’s baby products business would be a good play. Regardless, with Cohen getting more involved in the company, investors appear to be keen on BBBY stock.

Source: TradingView

If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!

Add a Comment

Your email address will not be published. Required fields are marked *