Good morning and welcome to the stock market today! As we approach the weekend, what will the stock market do today?
- The S&P 500 is down 0.89%
- The Dow Jones Industrial Average is down 1.29%
- The Nasdaq Composite is down 0.57%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Talk Live Audio.
For Big Tech companies, it seems that live audience experiences was the theme of the week.
Essentially, the story goes that Clubhouse quickly entered the scene as an attractive player. Users were flocking to the exclusive platform to network and hear from celebrities like Elon Musk. Always aware of tech competition, Silicon Valley firms began making their own moves. In fact, Twitter (NYSE:TWTR) was even in talks for a $4 billion acquisition.
Now, these companies are making their own paths in live audio.
Facebook (NASDAQ:FB) has its Live Audio Rooms and Twitter has its Spaces, both very similar in function to Clubhouse. These new features build on previous audio solutions from both platforms, mirroring the idea of group audio conversations from Clubhouse. In their initial phases, limitations included who could host.
This week, Spotify (NYSE:SPOT) entered the ring in a meaningful way. The company launched Greenroom, its competitor to Clubhouse, Live Audio Rooms and Spaces, with the intent that it will be a live audio hub for discussions on music, sports and culture. It also comes as Spotify beefs up its creator appeal, announcing an exclusive podcast deal for Call Her Daddy.
So what is the bottom line? Big Tech is making a big bet on live audio, and Clubhouse is still a quickly growing private company. This theme is something that investors should continue watching as the creator economy blossoms. How these platforms can reach creators — and the different features they roll out for creators — could help determine the winner.
Ford Keeps Revving Up
This has been a busy week for Ford (NYSE:F). The legacy automaker continues to move from dinosaur to revolutionary — creating quite a stir in the world of electric vehicles.
One of the key moments was the unveiling of the all-electric F-150 Lightning, an eco-friendly take on its signature pick-up truck. Given the fact that its truck models are some of the most iconic and best-selling, investors instantly saw potential here. Plus, at its price point, many were quick to point out that it would be a great competitor for the Tesla (NASDAQ:TSLA) Cybertruck.
Building on that, Ford continues to demonstrate its commitment to all things electric. Earlier this week, the company announced electrification plans for its Lincoln brand. By 2026, Ford says it half of that brand will be EVs. Competitors, including Chinese firms Nio (NYSE:NIO) and Xpeng (NYSE:XPEV), stumbled on the news.
Yesterday was even more exciting for those rooting for a legacy comeback. Ford shared that its adjusted, pre-tax earnings for the second quarter will be even better than it expected. This comes as it reports lower-than-expected costs and a favorable market. Specifically, the company says that higher vehicle prices at auction are helping the company. Ford also announced yesterday that it was acquiring Electriphi, in a move that TechCrunch writes will help it woo fleet customers.
So what is the bottom line? Legacy automakers are quickly stepping it up and putting pressure on pre-production startups. With these latest updates, Ford is cementing itself as a key EV player.
What Else We’re Watching
- Denmark-based Orphazyme (NASDAQ:ORPH) announced disappointing news on Friday regarding its application with the U.S. Food and Drug Administration. Regulators have requested that Orphazyme produce more data on its lead drug arimoclomol, sending ORPH stock down more than 50% in pre-market trading. In recent days, shared soared as much as 1,300% in anticipation of FDA approval.
- Shiba Inu (CCC:SHIB-USD) has still not started trading on Coinbase (NASDAQ:COIN) as a result of technical difficulties. However, after a month of similar delays, altcoin Solana (CCC:SOL-USD) has officially made its debut.
- However, all is not lost for the Dogecoin (CCC:DOGE-USD) spinoff. Paraguay-based Grupo Cinco, which says it is the largest entertainment company in that country, announced it will begin accepting SHIB as a form of payment in July.
- ByteDance, the parent company behind TikTok, reported that its 2020 revenues more than doubled to $34 billion.
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.