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

Good morning and welcome to the stock market today! The meme stocks crowd still seems to be betting on private prisons and speculative mortgage REITs, and Shiba Inu cryptos are barking higher once again. So with this in mind, what will the stock market do today?

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

Source: Shutterstock

  • The S&P 500 is up 0.43%
  • The Dow Jones Industrial Average is up 0.39%
  • The Nasdaq Composite is up 0.46%

So what else will the stock market do today? Here are some of the top stories — and here is a free report with 13 cryptos even better than Alaska Inu (CCC:LAS-USD).

What Will the Stock Market Do Today? Talk Inflation.

Investors continue to feel the push and pull of economic updates. This morning, they learned that weekly jobless claims came in at  376,000. Importantly this marks a sixth consecutive drop, and a new pandemic-era low. Although the initial jobless claims report came in slightly worse than expectations, the consensus on Wall Street seems to be that the employment situation is meaningfully improving.

But, as Yahoo Finance reported, there is more below the surface.

These numbers are still elevated compared to pre-pandemic levels, sparking concerns about a labor shortage in the United States. This has led some companies, like Chipotle (NYSE:CMG), to boost wages in order to ramp recruitment. States are also starting to roll back pandemic benefits, ahead of a Sept. 6 deadline.

Then, investors have to factor in the conversation around consumer prices and inflation. Wall Street also learned that this morning that consumer prices rose 5% year-over-year in May, marking the largest YOY gain since August 2008. Prices were also up 0.6% in May from April 2021.

As Axios reported, the White House is already working to fight back against fears of widespread inflation, emphasizing the short-term nature of the spike. However, as investors piece together the puzzle of unemployment, supply chain disruptions and higher prices, it is not clear if the glass is half full or half empty.

For right now, the major indices remain up despite the consumer price data, with the S&P 500 closing just below all-time high levels on Wednesday. Keep this story in mind, as we have seen just how quickly sentiment can shift.

Elon Musk May Really Be Onto Something…

From Bitcoin (CCC:BTC-USD) to Dogecoin (CCC:DOGE-USD) to Ethereum (CCC:ETH-USD), it is no secret that Elon Musk has a huge influence on crypto prices. That is why a series of vague-but-provocative emojis was enough to send a few little-known tokens soaring.

Last week, Musk sparked interest in CumRocket (CCC:CUMMIES-USD) and PornRocket (CCC:PORNROCKET-USD), two not-safe-for-work cryptocurrencies. Although his tweets did not explicitly name either crypto, the emojis seemed to get the point across. CumRocket and PornRocket became trending cryptos on CoinMarketCap in the blink of an eye.

There may be no clear reason behind his interest in these cryptos. But, their crudeness does not make them worth dismissing.

Hear me out. CumRocket and PornRocket may actually have real use cases… or at least represent the potential for cryptos to disrupt a huge industry. Their peer MoonlyFans (CCC:MOONLYFANS-USD) also deserves a close look, enabling users to subscribe to OnlyFans with crypto payments.

The reality is that traditional financial players are shying away from the adult content industry. In December 2020, as Pornhub responded to allegations that its largely unregulated platform enabled child abuse, Mastercard (NYSE:MA), Visa (NYSE:V) and Discovery (NASDAQ:DISCA, NASDAQ:DISCB) cut ties with the site. The trio of companies blocked customers from using their credit cards to make payments on Pornhub.

At the same time, OnlyFans has emerged in a booming creator economy, but has also run into risks thanks to the financial industry. Adult content creators have faced limits in what they can promote, allegedly in an effort to appease payments processors.

PornRocket, CumRocket and MoonlyFans hint at an answer to this dilemma — using cryptocurrencies to pay, tip and otherwise engage with adult content creators.

Taking it a step back, this use case covers more than just adult content. Cannabis-specific cryptos aim to solve banking issues in the recreational pot world, and other coins seek to enable anonymous payments for journalists and other privacy-minded customers.

So what is the bottom line? Musk may be a fan of these cryptos for their bizarre (and crude) names, but they speak to a much larger application of digital currencies.

Looking for top moonshot cryptos even better than CumRocket and PornRocket? InvestorPlace’s shitcoin expert has 13 picks here

What Else We’re Watching

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/2021/06/what-will-the-stock-market-do-today-3-big-stories-ivr-stock-porn-cryptos-elizabeth-warren/.

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