Good morning and welcome to the stock market today! Just 69 days after April 20, the beloved cannabis holiday, Elon Musk is celebrating his birthday. In response, Twitter is sharing baby pictures and brands like Slim Jim are joining in on the festivities. One of the biggest winners could be Dogecoin (CCC:DOGE-USD), as crypto fans hope for a birthday pump. So as investors hope for some crypto cake, what will the stock market do today?
- The S&P 500 is up 0.04%
- The Dow Jones Industrial Average is down 0.39%
- The Nasdaq Composite is up 0.71%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Talk CRISPR.
Intellia Therapeutics (NASDAQ:NTLA) and Regeneron (NASDAQ:REGN) shared an update over the weekend that sent the market into a frenzy. For the first time ever, a clinical trial supports the safety and efficacy of in vivo CRISPR genome editing.
So what does that really mean? CRISPR is an acronym for clustered regularly interspaced short palindromic repeats, and it refers to a system that bacteria use to protect themselves from viruses. Scientists have discovered that CRISPR technology can lead the way with genome editing, and Intellia Therapeutics is one of three companies pushing forward.
On that note, Intellia has been working with Regeneron on NTLA-2001, a therapy candidate that intends to precisely edit genes in targeted human tissue. The companies hope it can prevent the production of misfolded transthyretin (TTR) protein, which can cause fatal complications.
In a breakthrough report, Intellia shared that its Phase 1 trial of NTLA-2001 supports the safety and efficacy of this candidate. According to Intellia executives, this could usher in a new era of medicine.
So what should investors do with this information? The first takeaway is that the latest data have made NTLA stock a clear market winner. As of Monday morning, shares are up more than 40% on the promise of gene-editing milestones and more CRISPR applications. The second takeaway is that Intellia has sparked hope in a number of other companies. CRISPR Therapeutics (NASDAQ:CRSP) and Editas Medicine (NASDAQ:EDIT), two other key players, are pushing forward today. Also rallying is Bionano Genomics (NASDAQ:BNGO), their more speculative counterpart.
Is Bitcoin Headed to Mars or to $15K?
Cryptocurrency prices are finally rebounding again after several days of bad news and steep losses. Bitcoin (CCC:BTC-USD) and its peers were hit first by Elon Musk, who took aim at the high energy consumption of proof-of-work coins. Then, regulators in China dealt their painful blows. The country reaffirmed its previous anti-crypto stance, preventing banks from providing financial services related to cryptocurrencies. Several provinces have also banned Bitcoin mining.
However, fanatics are ready to push Bitcoin prices higher once again, but not everyone is on board.
Just a few months ago, Scott Minerd, the chief investment officer at Guggenheim Partners, was one of the biggest Bitcoin bulls. In February 2021 he turned heads with a price prediction of $600,000 for the leading cryptocurrency. Now, it appears he has changed his mind in a dramatic way.
Granted, Minerd is still bullish… in the long term. However, he has a prediction for the next few years that could make investors a little uneasy. He says that he expects to see BTC hit $15,000 or even $10,000 before bottoming out and trading sideways.
So what is the bottom line? Minerd does think that Bitcoin prices will pop once again, which could mean his near-term target of $15,000 is a great chance to buy the crypto at a discount. However, it is safe to say that investors should expect more volatility in the crypto world.
What Else We’re Watching
- Torchlight Energy Resources, a Reddit favorite, closed its merger with Metamaterials over the weekend. The result is Meta Materials (NASDAQ:MMAT), which started trading on the Nasdaq Exchange this morning. According to the company, it is the first metamaterials specialist to trade on that exchange.
- As Ethereum (CCC:ETH-USD) prices near $2,000 once again, Ethereum gas fees are at a yearly low. The average transaction price is now less than $1.
- Fintel has identified five stocks that look ready to pop this weeks. This list includes Clover Health (NASDAQ:CLOV) and Orphazyme (NASDAQ:ORPH) and focuses on short-squeeze targets perfect for retail investors.
- Churchill Capital IV (NYSE:CCIV) has finally set a date for its shareholder meeting. On July 22, the special purpose acquisition company will hear a vote on its pending merger with Lucid Motors. If all goes according to plan, LCID stock could hit the Nasdaq on July 23.
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.