Please ensure Javascript is enabled for purposes of website accessibility

What Happened in the Stock Market Today

By Jim Crumly - Updated Apr 10, 2019 at 9:02PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Major benchmarks started 2019 with a lackluster session, but marijuana stocks like Canopy Growth soared.

Stocks greeted the new year on Wednesday by waffling between gains and losses. The Dow Jones Industrial Average (^DJI 0.09%) and the S&P 500 (^GSPC -0.05%) closed nearly flat, but advancing issues on the New York Stock Exchange outnumbered decliners by more than two to one.

Today's stock market

Index Percentage Change Point Change
Dow 0.08% 18.78
S&P 500 0.13% 3.17

Data source: Yahoo! Finance.

Oil prices staged a rebound, lifting energy shares; the Energy Select Sector SPDR ETF (XLE 0.77%) added 2%. A rise in long-term interest rates added to recent weakness in real estate stocks, with the Vanguard REIT ETF (VNQ 0.51%) falling 2.2%. 

Marijuana stocks such as Canopy Growth (CGC 15.37%) surged ahead today. Elsewhere in the market, Roku (ROKU 3.05%) announced it will start selling premium TV subscriptions.

Check out the latest Canopy Growth and Roku earnings call transcripts.

"2019" superimposed on stock graphs.

Image source: Getty Images.

Pot stocks move upward to start the new year

Marijuana stocks generated a lot of buzz and mostly losses for investors in 2018, but they are off to a strong start in 2019. The ETFMG Alternative Harvest ETF (MJ 3.87%) rose 5.9%, helped along by a 7.6% jump in the share price of the Canadian marijuana producer with the largest market capitalization, Canopy Growth.

Last year, investors bid up stocks with connections to the cannabis industry to lofty valuations, only to see share prices tumble late in 2018 despite legalization of adult-use recreational pot in Canada and other big stories for the industry. While concerns about supply constraints, lack of profits, and even allegations of fraud hit some stocks in the space, Canopy Growth was one of a handful of winners, gaining 13.6% on the year. 

Canopy scored a big win when it got a $4 billion investment from Constellation Brands, giving some major support to the stock price and loading the company with billions in cash that it can use for increasing capacity, international expansion, and development of new products. With a share price still less than half its peak three months ago, investors took a fresh look at the stock today.

Roku adds premium services

Shares of streaming-media company Roku soared 6.1% after the company announced it will be adding a premium subscription service to The Roku Channel. Beginning at the end of Jannuary, the company plans to roll out subscriptions to over 25 premium services, including Showtime, Starz, and Epix.

The services will be added as options to The Roku Channel, which supplies over 10,000 free, ad-supported movies and television episodes to customers with Roku's streaming devices, smart TVs, and mobile app. Roku touted the convenience of searching across the new services in its channel and bundling subscription fees into a single monthly bill, similar to how Amazon sells premium subscriptions through its Prime platform.

Roku's newly public stock was battered in 2018 despite rapid growth of user accounts and streaming hours. A recent positive nod from an analyst and today's news seem to have reversed the shares' course for now, though.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Jim Crumly owns shares of AMZN and Roku, Inc. The Motley Fool owns shares of and recommends AMZN. The Motley Fool recommends STZ. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Canopy Growth Stock Quote
Canopy Growth
CGC
$3.12 (15.37%) $0.41
Roku Stock Quote
Roku
ROKU
$84.77 (3.05%) $2.51
Dow Jones Industrial Average (Price Return) Stock Quote
Dow Jones Industrial Average (Price Return)
^DJI
$32,833.00 (0.09%) $29.59
S&P 500 Index - Price Return (USD) Stock Quote
S&P 500 Index - Price Return (USD)
^GSPC
$4,142.96 (-0.05%) $-2.23
The Select Sector SPDR Trust - The Energy Select Sector SPDR Fund Stock Quote
The Select Sector SPDR Trust - The Energy Select Sector SPDR Fund
XLE
$73.64 (0.77%) $0.56
Vanguard Specialized Funds - Vanguard Real Estate ETF Stock Quote
Vanguard Specialized Funds - Vanguard Real Estate ETF
VNQ
$97.83 (0.51%) $0.50
ETF Managers Trust - ETFMG Alternative Harvest ETF Stock Quote
ETF Managers Trust - ETFMG Alternative Harvest ETF
MJ
$6.30 (3.87%) $0.23

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
377%
 
S&P 500 Returns
123%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 08/08/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.