What Will the Stock Market Do Today? 3 Big Stories to Watch.

Good morning and welcome to the stock market today! It feels a bit gloomy on Wall Street, with the major indices processing unemployment woes and the aftermath of the Fed meeting. So what will the stock market do today? And what else do investors need to know?

Street sign for Wall Street pictured in front of several American flags representing american stocks

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To start, the top movers are an odd bunch. Alleged non-fungible token play Takung Art (NYSEMKT:TKAT) continues to gain. Sundial Growers (NASDAQ:SNDL) is also climbing after its Q4 earnings. Lastly, Neos Therapeutics (NASDAQ:NEOS) is on the move ahead of a shareholder vote on its pending biotech merger.

So what else will the stock market do today? Here is a look at the top three stories.

What Will the Stock Market Do Today? Watch Cryptos.

The U.S. Securities and Exchange Commission appears to be warming up to a big Bitcoin (CCC:BTC) catalyst. As Nathan DiCamillo wrote for CoinDesk, the SEC has acknowledged an application from VanEck for a Bitcoin exchange-traded fund. This kicks off a 45-day window to make an initial decision on the approval.

Where do things stand? Many crypto bulls have expressed demand for such an exchange-traded fund, but U.S. regulators have historically been opponents. Citing concerns such as market manipulation, the SEC has struck down a handful of proposals. Perhaps most notably, the Winklevoss twins have seen their plans for a Bitcoin ETF vetoed twice.

This means that if VanEck were to receive the green light, it would be the first such ETF in the U.S. It would also mark a huge shift in mainstream support for cryptocurrencies.

Perhaps the timing will be just right for VanEck. Just a few weeks ago, the first Bitcoin ETF launched in Canada to great fanfare and heavy inflows. Investors clearly want these products, and other institutional players continue to share support for cryptos. Yesterday, Morgan Stanley announced via internal memo it will give its wealth management clients access to expensive Bitcoin funds.

Keep a close eye on this news. A VanEck victory could give cryptos a giant boost.

Time to Procrastinate on Taxes

The Internal Revenue Service announced on Wednesday that it would push the tax-filing deadline from April 15 to May 17. This one-month delay only affects federal returns, although MarketWatch notes that states have the option to push back their deadlines as they did in 2020.

Why? For individuals, this gives everyone more time to navigate Covid-19 oddities (like the Recovery Rebate Credit). For the IRS, this gives tax officials more time to navigate things like the $1.9 trillion American Rescue Plan that comes with a variety of tax code changes. Investors should note that this decision also comes after 100 members of the House of Representatives signed a letter to the IRS asking for a delay.

What does this mean for investors? One possible consequence comes from a historical connection. Experts have noted that in the past, stocks rally two weeks after the tax-filing due date. This is because many Americans will withdraw money from their investments to pay their taxes.

Bye Bye, Gasoline

Gasoline consumption is a thing of the past.

According to the International Energy Agency, an industry watchdog, we have already seen peak gasoline consumption. In other words, no matter what reopening and recovery measures we put into place, gas consumption will not return to pre-pandemic levels.

This is likely not a surprise for longtime InvestorPlace readers. Although part of the drop in consumption comes from a drop in travel, much of the blame falls on electric vehicles. Consumer adoption continues to pick up, and technological advancements serve to accelerate this trend. Companies like Tesla (NASDAQ:TSLA), Lucid Motors and Fisker (NYSE:FSR) all serve as all-electric beacons in the U.S. Joining them now are old-school automakers like Ford (NYSE:F) and General Motors (NYSE:GM). Everyone wants a piece of the EV pie, and gas stations will pay the price.

Want another look into the post-pandemic crystal ball? Ford announced last night that it will give 30,000 employees the option to work from home forever. As Hannah Denham wrote for the Washington Post, a workforce transformation is underway. With Ford leading this latest wave, investors should definitely pay attention.

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Sarah Smith is a Web Content Producer with InvestorPlace.com. 

Article printed from InvestorPlace Media, https://investorplace.com/2021/03/what-will-the-stock-market-do-today-3-big-stories-tkat-sndl-neos-bitcoin-etf-ev-stocks/.

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