Good morning and welcome to the stock market today! A wild and wacky Bitcoin (CCC:BTC-USD) conference just wrapped up and meme stocks are looking to keep gaining. So what will the stock market do today? Dive in with InvestorPlace below.
- The S&P 500 is down 0.22%
- The Dow Jones Industrial Average is down 0.23%
- The Nasdaq Composite is up 0.05%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Buy Altcoins.
Over the weekend, Elon Musk tweeted a series of emojis that sent altcoins CumRocket (CCC:CUMMIES-USD) and PornRocket (CCC:PORNROCKET-USD) soaring. These cryptocurrencies position themselves as a way to transform the finances of the adult content industry. More specifically, PornRocket says it is somewhere in between OnlyFans and PornHub.
💦🚀 –> 🌙
— Elon Musk (@elonmusk) June 5, 2021
Also over the weekend, a high-profile match between Floyd Mayweather and Logan Paul caused crypto controversy of its own. Mayweather sported a combination of sponsored apparel, including EthereumMax (CCC:EMAX-USD) merch. Although the response to his EMAX debut was mixed, it is clear that celebrities are pursuing new altcoin opportunities.
But what does this all really mean?
Importantly for investors, there are a few key takeaways. To start, it is unclear if Musk has any legitimate interest in these little-known cryptos — he has actually never referred to CumRocket or PornRocket by name. In a similar vein, the consensus is that Mayweather simply reps EthereumMax gear as a way to make sponsorship money.
Going a bit deeper, these bizarre moments show the altcoin world is becoming fragmented. Just a few weeks ago, many investors knew Dogecoin (CCC:DOGE-USD) as the sole meme crypto. DOGE rocketed to all-time highs, and the crypto maintained a top spot on CoinMarketCap.
Now, things are different. Musk, Mayweather, and so many others are pushing new altcoins, and these days, there is no clear winner. The most-searched list on CoinMarketCap is constantly changing, and Dogecoin has fallen from the top 10 places. Today, CumRocket and PornRocket have claimed top spots. SafeMoon (CCC:SAFEMOON-USD) and Shiba Inu (CCC:SHIB-USD) are also in the spotlight.
The bottom line is that key players like Musk have a huge influence on what retail investors buy, and right now, there is no consensus. This reality comes at a time marked by Covid-19 reopening, supply chain disruptions and rising consumer prices. For investors then, there is an element of escapism in ignoring inflation fears and betting on the short-term gains associated with NSFW cryptos.
A New (Space) Era for Jeff Bezos
Just two weeks after he resigns from his role as chief executive at Amazon (NASDAQ:AMZN), Jeff Bezos will quite literally be going into space. According to CNN, he will join the first crewed flight of the New Shepard on July 20. This will mark a new era for the billionaire, but it will also mark a key milestone in the new space race.
As a quick recap, Bezos will be stepping down on July 5 to focus on his other initiatives, including his philanthropic endeavors. Perhaps most importantly to investors, Bezos will be spending a lot of time on his Blue Origin space company.
So what does this mean for investors? Previously, Blue Origin seemed to be an afterthought, with Bezos busy steering Amazon. Now, Bezos is looking to quickly disrupt the space race and gain a leading position. His competitors are also billionaires — Sir Richard Branson and Elon Musk.
Bezos is now about to be the first of this trio to go on a rocket ride, and Blue Origin is looking like a winner. For investors, that means it is time to start focusing on space stocks in a meaningful way.
Why? Musk and Branson will not want to be far behind in the space race, and their collective efforts will have investor attention pointed to the stars. Watch these space stocks now as Bezos prepares for lift off.
Redditors Are About to Crown Their King
Ryan Cohen is set to become chairman of GameStop (NYSE:GME) in just a few days. For the video game retailer, this represents the turnaround story that is underway. For Redditors, this represents a real victory of the r/WallStreetBets crowd.
Over the last few months, Cohen has emerged as a superhero for retail investors. His activist stake in GameStop turned into a historic short squeeze and a saga that has elevated meme stocks and Reddit into the Wall Street vernacular. Along the way, he has gained a seat on the GameStop board, helped mix up the C-Suite and lead a strategic turnaround committee.
Becoming chair of the board is a big next step in the retail rally. Mark your calendars for June 9, and pay close attention to r/WallStreetBets.
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.