Space Stocks Soar, Poshmark Surges 140% and Biden Stimulus

The three major U.S. stock market indices posted slight losses Thursday, fading late in the day.

Investors anticipated the unveiling of President-elect Joe Biden’s coronavirus relief package. The speech, which is expected to detail trillions of dollars in financial relief, is anticipated late Thursday. This news comes as COVID-19 infections continue to climb, and a worrying new virus strain circulates within the U.S.

Initial unemployment claims for the week ended Jan. 9 reached 965,000, a greater increase than analysts had expected. This marks the highest rate since August and signals that virus-related business restrictions continue to plague the labor market.

The Dow Jones Industrial Average fell 69 points, or about 0.2%, to finish at 30,991.

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Poshmark off to a hot start. On its first day of trading, online clothing reseller Poshmark (ticker: POSH) saw shares jump more than 140%. Poshmark had priced its initial public offering at $42 per share for an initial valuation of $3 billion. It ended Thursday at $101.50.

Space stocks soar on ETF news. Shares of Virgin Galactic Holdings ( SPCE) and Maxar Technologies ( MAXR) both rocketed about 20% Thursday. Investors were fueled by ARK Investment Management’s filing with the Securities and Exchange Commission to launch a space exploration exchange-traded fund, or ETF, under the ticker ARKX.

According to filings, the ETF will focus on companies that are “leading, enabling, or benefiting from technologically enabled products and/or services that occur beyond the surface of the earth.”

Tesla recall dings stock price. Shares of Tesla ( TSLA) slipped more than 1% Thursday on news that regulators asked the electric car maker to recall about 158,000 vehicles for safety issues related to their touch screens. The National Highway Traffic Safety Administration asked Tesla to recall certain Model S sedans and Model X SUVs.

The tech failure results in the loss of the rearview camera and other safety functions.

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