The Weekend Rip: Social Stocks Are On The Clock

Tale of the Tape

Good evening, folks. It should be another busy week on Wall Street. Social stocks have been hot. We’ll see if earnings can exceed expectations. 👻

Amazon and Google are expected to report results on Tuesday. Spotify, Paypal, and Qualcomm will report on Wednesday. Pinterest, Peloton, and Snap close out the week Thursday evening. See the calendar below.

The short squeeze saga has taken over the world. SNL asked if the markets still work while New York City billboards went BRRR. 🤣

The S&P 500 finished the month of January in negative territory but the small-cap Russell 2000 rallied 5%. See the monthly charts below. 

Here’s the weekly S&P 500 chart:

And last week’s changes: 

S&P 5003,714-3.31%
Russell 20002,073-4.39%
Dow Jones29,982-3.27%

Monthly Charts

Just like that we conclude the first month of 2021. Not much has changed since 2020… the lunacy continues.

The S&P 500 dropped 1.1% in the first month of the year. Will the market of stocks fight back in February? Time will tell. 

The Small-Caps continued their incredible performance. The Russell 2000 ETF rallied 4.8%. $IWM is up 105% from its low close last March.

Small stocks have seen big gains. iShares Micro-Cap ETF marched 14% for its 3rd best month in over a decade. $IWC tracks the Russell Microcap Index which consists of the 1,000 smallest companies in the Russell 2000. 

Financials fell 2% after $XLF got stuffed at former highs. Can the banks manage to breakout? Time will tell… 

Biotech bounced to all-time highs. The SPDR S&P Biotech ETF $XBI accelerated 8.6% for its fourth consecutive positive month. 

Bitcoin broke above 40K for the first time ever. $BTC.X is up ~13% this month but the crypto is still down more than 20% from it’s all-time high. 

Ethereum, like Bitcoin, broke out to blue skies. $ETH.X surged 77% making its best month since August 2017. Where will the cryptos crack next? Place your bets…  

Last but not least, GameStop gained 1625% in January. Shorts got squeezed beyond belief as the stock soared from $19 to a high of $483. Check out this monstrous monthly chart:

Fox Super 6

We’re excited to partner with Fox Super 6 on a Stock Market Challenge – get the chance to win $10K this week while watching the markets on Stocktwits!

Sunday Links:

*🎉Watch IBD’s experts pick winning stocks every morning on IBD Live. Try 2 free weeks on us!

🐶 Speculation & The Underdog — Investor Amnesia

🍋 Get Squeezed or Do The Squeezing?

🔥 Buffalo London Sets Platform Trainers Ablaze for First Digital-Only Product

🔻 Melvin Capital Lost 53% in January, Hurt by GameStop and Other Bets

🥩 Rise of the Kindaholics

🚫 India Plans to Introduce Law to Ban Bitcoin, Other Private Cryptocurrencies

🏦 Wall Street Thanks You for Your Revolution 


The Week Ahead

And now a brief and well-organized look ahead at the trading week beginning Monday, February 1st, 2021:

Economic Calendar:

  • 2/4 Jobless Claims (8:30 AM ET)
  • 2/5 January Unemployment Rate (8:30 AM ET)

Here’s the full Economic Calendar provided by Briefing

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar