We are halfway through the week, short-sellers are feeling the pain, and investors are showing interest in a meme coin called Chibi Inu (CCC:CHIBI-USD). Beyond all that, what else did the stock market do today? Dive in with InvestorPlace below.
- The S&P 500 closed higher by 0.19%
- The Dow Jones Industrial Average is up by 0.03%
- The Nasdaq Composite is up by 0.59%
So what else did the stock market do today? Here are some of the top stories.
What Did the Stock Market Do Today? Pump GameStop.
Going into Tuesday, posters on r/WallStreetBets were largely focused on Virgin Galactic (NYSE:SPCE), following a successful test flight. SPCE stock prices were up, as was comment volume on the subreddit. For many retail investors, commercial spaceflight was the perfect moonshot.
But things are different then the first short-squeeze frenzy. According to data from Fintel, the short interest on GME stock is at 24%. For AMC, that figure comes in at 27%. While those numbers are certainly elevated compared to other equities, they are down significantly from the start of the Reddit mania. The broader market is too — with stimulus checks mostly spent and consumers looking at to a Hot Vax Summer, pandemic day trading no longer is a much-needed hobby.
GameStop and AMC bulls are still pressing ahead, hoping to prove short-sellers wrong once and for all. Social media campaigns like #AMCStrong continue to gain traction, and r/WallStreetBets is back to its full-time meme stock mania. Just on Tuesday, short-sellers lost nearly $750 million on GME and AMC.
What is driving this frenzy? Retail investors never really gave up on GME or AMC, and some like Mark Cuban have been quick to remind Redditors of their market power. Cryptic tweets and bold commentary from company executives have also helped.
Perhaps the biggest driver of the news today comes from GameStop, which is pushing forward with NFTs. Although details are scarce, investors like the combination of video game intellectual property and red-hot crypto assets. It seems this NFT talk could also be a sign of the further, tech-focused turnaround to come.
Is Vimeo the Best Investment in the Creator Economy?
So what is Vimeo? And what makes this creator economy play stand out?
Vimeo started its life as a truer competitor to YouTube, a smaller destination for video streaming and sharing. It catered to professional videographers and filmmakers, and tried to distinguish itself through higher-definition solutions. However, YouTube and Netflix (NASDAQ:NFLX) are tough rivals, and Vimeo was struggling to standout.
Under current CEO Anjali Sud, Vimeo got a new lease on life. The company moved from streaming to software, as Nilay Patel highlighted for The Verge. As more and more businesses look to communicate through video, Vimeo has a compelling enterprise solution, what it sees as a Slack (NYSE:WORK) or Box (NYSE:BOX) for corporations.
Yesterday, Vimeo shook things up even more, spinning out from parent company IAC/InterActive (NASDAQ:IAC) and hitting the Nasdaq Exchange.
Now, Makris thinks VMEO stock could be the perfect way to tap into the rapidly accelerating creator economy. Even though it is smaller than YouTube, it appeals to loyal, indie customers. Its subscription software model has also been a smart and revenue-driving move for the company. To Makris, it is simply a sparkling option in a tech market filled with overvalued equities.
Welcome to the Blockchain Graveyard
Heading into Wednesday morning, social media users were having some fun with #FailedCryptoCoins, riffing off imaginary crypto failures. Top suggestions included a chocolate-filled crypto coin, bottle caps, Alcoholics Anonymous medallions, and Chuck E. Cheese coins.
Although the Twitter trend was a source of comedy, InvestorPlace Assistant News Writer Brenden Rearick saw it as a key lesson for investors. Sometimes, real cryptocurrencies launch that are as ridiculous as the idea of disrupting longstanding financial systems with fake money from Chuck E. Cheese. But that does not stop fanatics from diving in.
Rearick summarized it well. Investors want to cherish cryptocurrency success stories, but there are just as many failed projects in the blockchain graveyard.
Feeling a bit spooky? Check out some of the top dead projects — and what killed them — here.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.