What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.

The trading week has wrapped up and the weekend is finally here. But before you enjoy the spring weather and easing Covid-19 restrictions, what did the stock market do today?

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

Source: Shutterstock

To start, stocks ended the day on a high note. The S&P 500 gained by 0.77%, while the Dow Jones Industrial Average gained 0.89%. The Nasdaq Composite also turned around, adding 0.51% to close the day.

So what else did the stock market do today? Here are the top three stories.

What Did the Stock Market Do Today? Create Content.

One big theme in the stock market this week was the relevance of the creator economy.

Discord, OnlyFans, Patreon, Clubhouse, TikTok, Substack, Cameo. Experts are calling for the creator economy to be the next trend, sort of a follow up to the gig economy that Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) dominate. So how can you profit?

Right now, investors appear to have two paths. The first is through Big Tech, which is not shying away from the creator economy game. Amazon (NASDAQ:AMZN) has already snapped up Twitch, a platform known for video-game streaming, among other things. Microsoft (NASDAQ:MSFT) has made a bid for Discord, and Twitter (NYSE:TWTR) offered $4 billion for Clubhouse. Facebook (NASDAQ:FB) already has a hand in the game, thanks to its Instagram platform and Reels.

The other path is the potential for initial public offerings. As we wrote recently, these creator economy companies are growing in valuation. Cameo just raised $100 million at a $1 billion valuation, and Patreon already clocks in at $1.2 billion.

With the latest Twitter-Clubhouse news and growing chatter about the creator economy, expect more opportunities to profit to emerge.

Where Do Luxury Retailers Go After the Pandemic?

Luxury retailers have been on a wild ride since the start of the Covid-19 pandemic.

Reports emerged from Hong Kong, where many high-end retailers rely on storefronts to attract wealthy tourists, including those from mainland China. Investors were worried about the shops that had a heavy presence there, and about luxury goods in general. With unemployment spiking and the economy in jeopardy, who would be dropping hundreds or thousands of dollars on a non-essential product?

The luxury story for retail stocks quickly changed. Fashion brands pivoted to scarves, earrings and other statement pieces perfect for video calls. Peloton (NASDAQ:PTON) could not keep enough of its bikes in stock, as reports of panic-buying swirled. Consumers bought boats and RVs en masse.

Another company that illustrates this well is Rolls-Royce, which just reported its best quarter ever. The company delivered 1,380 cars in the first quarter, up 62% year-over-year. As the team at Morning Brew reported, wealthy consumers turned to luxury cars (and so much more) to pass the time at home. For companies from Rolls-Royce to Peloton to Williams-Sonoma (NYSE:WSM), investors have thus had a chance to profit.

But where do things go after the pandemic? Right now, it is not entirely clear. On one hand, consumers could return to focuses on experiences, spending on restaurants and travel. On the other hand, there may be no reason to worry. There are more billionaires now than before the pandemic, and these luxury retailers have proven their ability to adapt.

No matter what, this is a story worth watching. You may not be able to afford a supercar, but you can still profit from their growing popularity.

Winners, Losers, Honorable Mentions

Winners: Coinbase, which is not yet public, stole the show this week. Investors are already hyped for the April 14 direct listing, recognizing the prominence of the crypto exchange. Plus, because of the so-called Coinbase effect, a handful of altcoins were winners this week too. Top tokens include Enjin Coin (CCC:ENJ), a new listing on Coinbase Pro. Exchange tokens like Binance Coin (CCC:BNB) are also getting a big boost.

Losers: Meme stocks? Various stock market commentators are calling for the end of the GameStop (NYSE:GME) frenzy, although r/WallStreetBets remains devoted. Now, as Cristin Flanagan wrote for Bloomberg, retail day traders have a new target: blue-chip stocks. We saw this play out this week, with GME stock actually falling the day GameStop announced Ryan Cohen would soon serve as chairman.

Honorable Mentions: Penn National Gaming (NASDAQ:PENN) stands out this week. You can check out InvestorPlace Web Editor Vivian Medithi’s rundown of the social media drama here.

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/2021/04/what-did-the-stock-market-do-today-3-big-stories-coinbase-ipo-reddit-stocks-penn-stock/.

©2023 InvestorPlace Media, LLC