Happy hump day!
There's quite a bit of news to cover, and not to mention that tech is still a laggard in the market during morning trading so let's get to it.
The Dow and S&P 500 finished higher Tuesday after Federal Reserve Chairman Jerome Powell, in testimony before the Senate Banking Committee, assured investors the central bank was a long way from scaling back its ongoing support of the U.S. economy. The Dow at one point Tuesday had been down as much as 362 points, TheStreet's Joe Woelfel noted.
Jim Cramer said the cyclicals are on fire Wednesday and today is your day to buy Boeing (BA) - Get Report. "The fact that stock has been able to power through shows you have a rocket ship here," Cramer said.
Wood told Bloomberg Tuesday that ARK had bought more Tesla during Tuesday's selloff.
At this point, Tesla is the biggest holding in the ARK Innovation ETF.
While Cramer cautioned that Wood "is bigger than the market right now" as "the interest rate environment says stay away from the stocks she’s buying," he agreed with her decision to pick up more shares of Tesla.
"Tesla shouldn’t have been down what it was," Cramer said.
The company's vaccine candidate received an endorsement from FDA staff ahead of the FDA's meeting on Friday where a panel of experts will decide whether or not to grant the vaccine an emergency use authorization.
"Safety analysis through the January 22, 2021 data cutoff included 43,783 randomized (1:1) participants ≥18 years of age with 2-month median follow-up," the FDA briefing notes said. "The analysis supported a favorable safety profile with no specific safety concerns identified that would preclude issuance of an EUA."
"Non-fatal serious adverse events, excluding those attributed to COVID-19, were infrequent and balanced between study groups with respect to rates and types of events (0.4% in both groups)," the FDA added. "One serious event of a hypersensitivity reaction, not classified as anaphylaxis, beginning two days following vaccination was likely related to receipt of the vaccine."
And, finally, Barstool's Dave Portnoy sat down with Robinhood CEO Vlad Tenev late Tuesday in a Twitter live interview.
Portnoy, who has voiced his criticism of Robinhood since the GameStop saga took off following Robinhood placing buy restrictions on the stock and some others that were viewed favorably by r/WallStreetBets, did not hold back when talking to Robinhood's Tenev.
Tenev said, when Portnoy pushed on whether or not Robinhood would have regulated trading had Robinhood not received a 3 a.m. call which stated that the brokerage faced a $3 billion margin call, that "...If [Robinhood] has a bunch more headroom, we probably would've let things continue."
He also conceded that the company faced a possible liquidity issue had the brokerage not acted to regulate the WSB favorites.
Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.
Daniel Kuhn contributed reporting to this article.