What a busy day in the stock market! Investors are gearing up for big holiday catalysts for Dogecoin (CCC:DOGE-USD) and cannabis stocks, and a bunch of high-profile earnings calls are also on deck this week. So what did the stock market do today?
To start, the major indices remained in the red today, likely as part of a continuing slump in cryptocurrencies. The S&P 500 shed 0.53%, while the Dow Jones Industrial Average shed 0.36%. The Nasdaq Composite shed 0.98%.
So what did the stock market do today? Here are the top three stories.
What Did the Stock Market Do Today? All About Audio.
Remember how the creator economy has been a blossoming theme in recent weeks?
Facebook (NASDAQ:FB) certainly did not miss the memo. With creator economy companies like Clubhouse, Patreon, Substack and Cameo generating interest, tech commentators were waiting for Silicon Valley to make its move. For social media giant Facebook, it did not take long.
On Monday, Facebook announced that it would make a major push into audio offerings. These offerings will include tools and features for creators and for regular Facebook users, including a rival to Reels and TikTok that focuses on short-form audio bytes. CEO Mark Zuckerberg also said that Facebook will roll out a podcast suite and live audio tools to help the creator economy. In fact, Zuckerberg is framing this move as a way to better help creators monetize their content.
So where do things go from here? This sort of Big Tech move is exactly what experts were predicting. Now we will just need to wait and see: Can Facebook dethrone Clubhouse?
How to Profit From Vaccine Passports
Today, we learned that half of American adults have received at least one Covid-19 vaccine dose. With the United States moving into a new phase of the vaccine rollout on Monday, there is a lot of reason for optimism in the market. Plus, Dr. Anthony Fauci said that Johnson & Johnson (NYSE:JNJ) could see its vaccine back in action as soon as Friday, likely just with an extra warning label.
So where do we go from here? One answer to that question is vaccine passports, a digital way to provide documentation surrounding Covid-19 vaccine and testing status.
Want to board a plane? Attend a concert? Enter a museum? An official could ask to see your vaccine passport, where all of your Covid-19 documentation is handily stored. Although everyday destinations like the grocery store may not require such a step, experts believe that large public gatherings could rely on these passports to safely reopen. New York and California are already on board.
However, these passports do not come without criticism. Even in supportive states like New York, critics are worried about the safety of patient health data. As InvestorPlace Assistant News Writer Brenden Rearick wrote today, the blockchain could be an answer to that dilemma. These blockchain offerings promise safe, profit-incentivizing ways to store and share health data.
Therefore, the crypto talks on those blockchains are a way to profit from the rollout of vaccine passports. Rearick has rounded up seven tokens that could be the next cryptocurrency to explode in 2021. You can read more about those crypto picks here.
Is Speculative SafeMoon Really That Safe?
Tomorrow, one of the top stories in the cryptocurrency world will surely be #DogeDay. Today, one of the top stories centered on little-known cryptocurrency SafeMoon (CCC:SAFEMOON-USD).
SafeMoon trades for just a tiny fraction of a penny and its token just launched in March 2021. However, leveraging social media and the recent success of Dogecoin (CCC:DOGE-USD), its founders are hoping to take SafeMoon to the moon… safely. Essentially, the draw of SafeMoon is that long-term holders are rewarded while sellers face extra transaction fees. The argument is that these mechanisms should cut down on volatility and create more community support.
Today, it seems that investors were drawn to the huge gains in SafeMoon, with prices up more than 100% over the last 24 hours. Beyond the altcoin frenzy we saw last week, it seems that company updates were responsible for the gains. Investors like the sound of two upcoming exchange listings and a promising fundraiser for an in-house SafeMoon Exchange. Plus, plans on the horizon for a Coinbase (NASDAQ:COIN) listing and an NFT exchange are generating buzz.
But is SafeMoon really that safe? Right now, the best course of action is for investors to do their own research. Many popular data sources like Binance and CoinMarketCap have conflicting statistics for the token, prompting some commentary on social media. Beyond that, SafeMoon now must deliver on some big promises.
If all goes well, this could be the next cryptocurrency to explode in 2021. Just be sure you really understand what is at play.
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.