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

Good morning and welcome to the stock market today! We are finally at the end of the week, Ford (NYSE:F) is incorporating a “frunk” in its F-150 Lightning, and Radioshack is trending on social media. So what else will the stock market do today amid this Friday chaos?

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

Source: Shutterstock

  • The S&P 500 is up 0.4%
  • The Dow Jones Industrial Average is up 0.69%
  • The Nasdaq Composite is up 0.11%

So what else will the stock market do today? Here are some of the top stories.

What Will the Stock Market Do Today? Talk Privacy.

Yesterday, the U.S. Treasury and President Joe Biden created a stir. Investors learned that part of a larger proposal to beef up the Internal Revenue Service would actually take aim at cryptocurrencies. In addition to allocating an additional $80 billion to the bureau, Biden wants to make sure the IRS has more insight into crypto transactions. To do this, he is proposing that businesses conducting crypto transactions larger than $10,000 need to make reports. This would also place scrutiny on crypto exchanges and custodians.

As an almost immediate result, investors are turning to privacy-focused cryptocurrencies.

These coins and tokens, like Monero (CCC:XMR-USD), are generating buzz on Friday morning. Monero specifically, the largest and purest play on privacy, is up more than 20% over the last 24 hours. Essentially, Monero anonymizes transactions on the blockchain. This protects users from having their identities linked with transactions. Bitcoin (CCC:BTC-USD) blockchain analysis has come with great dangers for everyone from journalists to drug dealers, as Greg Thomson highlighted for CoinTelegraph.

Now, with the Treasury department looking for more insight into crypto transactions for tax purposes, it seems more users are looking to turn to Monero. But this should not be entirely surprising. As CoinDesk wrote earlier this year, all signs have been pointing to privacy emerging as a popular theme. This makes other cryptos like Zcash (CCC:ZEC-USD) and Horizen (CCC:ZEN-USD) stand out as well.

Do You Feel That Breeze?

Today, Breeze Airways officially launched, bringing a new low-cost airline to the United States.

Just in time for Covid-19 reopening and a vaccinated summer, David Neeleman, the founder of JetBlue (NASDAQ:JBLU), is launching his fifth airline. Breeze Airways is based out of Salt Lake City, and its route map includes 16 cities. Perhaps its biggest appeal is the price of a seat — one-way tickets are starting right now at $39.

Breeze will take its first-ever flight into the skies on May 27 to kick off Memorial Day Weekend. That flight will travel from Charleston to Tampa, and then ultimately, to Hartford, Connecticut.

The hype with this airline launch goes beyond the surface, as Jessica Puckett writes. Not only will Breeze commence operations just in time for a big holiday weekend, but it aims to address huge problems created by Covid-19. Smaller cities like those on its routes lost flights and carriers during the pandemic. Breeze hopes to connect them back to the skies, giving consumers more options. Additionally, the low-cost nature of its tickets may help convince consumers to take the plunge and return to air travel.

Although Breeze is not publicly traded now, the timing of its launch is noteworthy given the reopening narrative. For investors interested in playing this sky-high opportunity, here are some of the best airline stocks right now.

What Else We’re Watching

  • Fisker (NYSE:FSR) announced some heavenly news on Friday, sharing that it would produce the first all-electric papal vehicle for Pope Francis. The electric vehicle company will deliver a custom Ocean SUV next year. The intent is for Pope Francis to have an emissions-free way to travel to local gatherings to give blessings.
  • Regulators in Hong Kong are moving to ban retail crypto trading, creating exceptions for millionaires. This comes after months of discussion. The proposal would also introduce a licensing regime for crypto exchanges.
  • He loves me, he loves me not. Kansas City Southern (NYSE:KSU) clearly needs to set its Facebook (NASDAQ:FB) relationship status as “It’s Complicated.” It turns out that Kansas City is terminating its deal with Canadian Pacific (NYSE:CP) in favor of Canadian National (NYSE:CNI). The end result has huge implications, as the tie-up will create a railway that connects Mexico, the United States and Canada.
  • With Elon Musk focusing on coal-powered Bitcoin mining, it seems some U.S. oil drillers have a better solution. As Reuters reported, Bitcoin miners are pairing up with oil drillers to convert excess crude oil into the energy needed to power their rigs. Although this still does not address the need for renewable sources, it prevents flaring and shifts the industry away from coal.

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. 

Article printed from InvestorPlace Media, https://investorplace.com/2021/05/what-will-the-stock-market-do-today-3-big-stories-privacy-cryptos-fsr-stock-breeze-airways/.

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