Markets continue to move as ballots continue to be counted in the election.
November 6, 2020
As of the market close today, Biden has picked up over 90% of the electoral votes needed to win the presidency. His current standing is sending shares of marijuana companies higher and higher. Shares of the cannabis ETF $MJ are up nearly 11% today. Some of its core components are also ripping, such as Aurora Cannabis and Tilray. $ACB is up nearly 42% and $TLRY is up 30%.
Weed isn’t the only industry getting love on markets. Sports betting is now legal in 25 states, and on the news, shares of DraftKings and Penn National Gaming took off. $DKNG jumped 9% and $PENN jumped nearly 10% on the news.
Finally, digital solutions for work also had a hay-day on markets today. Software connecting companies with employees and freelancers has taken a more pronounced role in business as a result of COVID-19. Our biggest Ripper of the day, Upwork, made huge strides in the last two quarters because of its core freelance-centric business. Shares of Workiva, a cloud-based compliance company for companies, also saw a big bump today. $UPWK is up nearly 44% and $WK is up 20% today.