Cryptocurrency is reinventing itself as it plunges headfirst into the second half of the year. Meanwhile, vaccine makers are getting ready to roll out their vaccine boosters as soon as the Food and Drug Administration (FDA) gives the go-ahead. So what did the stock market do today?
- The S&P 500 closed up 0.24%
- The Dow Jones Industrial Average closed up 0.24%
- The Nasdaq Composite closed up 0.03%
So what else did the stock market do today? Here are some of the top stories.
What Did the Stock Market Do Today? Amazon Rumors Buoyed Big Gainers.
Amazon (NASDAQ:AMZN) could soon be accepting cryptocurrency. At least, that’s what the rumors are pointing to. An insider is saying the company will be allowing the payments before the end of the year, beginning with Bitcoin (CCC:BTC-USD). The anonymous tipster is also saying future plans are in place to pay with up to eight cryptocurrencies on the giant e-commerce platform.
Of course, this news is lifting crypto plays up in a big way. Bitcoin has eclipsed the elusive $40,000 level for the first time since its huge drop-off that erased its 2021 gains. Ethereum (CCC:ETH-USD) is up 12% on the news too, sharing the success of Bitcoin. Even Dogecoin (CCC:DOGE-USD) is reaping the benefits of the rumors, gaining over 16% on the day.
Beyond the digital currencies themselves, however, there are a number of crypto-relevant stocks that are seeing big gains too. One of these is Michael Saylor’s MicroStrategy (NASDAQ:MSTR). As one of the biggest crypto influencers, Saylor’s company is a large holder of Bitcoin. As of today, the stock is up over 26%. Crypto exchange Coinbase (NASDAQ:COIN) is also gaining from the resulting trading increase from the news; the play is up 10%.
Bitcoin mining companies are among the biggest winners of the day, a much deserved moment after being bludgeoned by regulatory fears. Riot Blockchain (NASDAQ:RIOT) is up 21% on the day, along with Marathon Digital (NASDAQ:MARA), which is up 20%. SOS Limited (NYSE:SOS) finished the day with gains of nearly 23%. The biggest beneficiary of the news happens to be Bit Digital (NASDAQ:BTBT), which is closing out Monday with over 109% added to its value.
Biotech Stocks Stand to Gain as Covid-19 Refuses to Waver
The coronavirus pandemic is nearly a year-and-a-half old, and while we have made great steps in curbing the spread of the virus, a variety of factors are keeping illness and death a stark reality. Those foregoing vaccination are now accounting for between 98% and 99% of deaths, per the Associated Press. And variants are continuing the spread as the virus works around the protection that vaccines offer. As a result, the U.S. is announcing travel restrictions are to remain in place for the time being.
Vaccine stocks are likely to remain on investors’ radars as a result of these conditions. The FDA and CDC are both adamant that boosters are not a necessity right now, and, as such, boosters are likely to be shot down if companies chase emergency use authorization. This is contrary to the assertions of biotech spokespeople, like BioNTech (NASDAQ:BNTX) CEO Ugur Sahin. Sahin argues that vaccines like that of his own company’s are made less effective as the delta variant rips through the country.
As evidence continues to mount around the effectiveness of vaccines, and as government officials continue to put talk of boosters on the table, that could be changing very soon. A Citibank (NYSE:C) analyst is chalking up their prediction on vaccine boosters today and saying they are likely to come within the year for older citizens.
Sahin’s BioNTech, in conjunction with Pfizer (NYSE:PFE), is rolling out trials for their booster shot in Tennessee. And they’re not alone; other companies are on top of booster development as well, waiting out that greenlight from the FDA. Moderna (NASDAQ:MRNA) co-founder Derrick Rossi says boosters are “almost certainly” needed, indicating the company is already prepared for the task.
What Else We’re Watching
- Lucid Motors (NASDAQ:LCID) had a busy first day on Wall Street. The newly public EV play saw 31 million shares trade and was lifted by over 6%.
- Meanwhile, Tesla (NASDAQ:TSLA) earnings are rolling out this afternoon, and investors should be pleased with the numbers. The company’s revenue of nearly $12 billion is beating expectations, and sales nearly doubled.
- Investors now set their sights toward the rest of the week, as they await Big Tech earnings. Expect reports from tech giants like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Amazon and Apple (NASDAQ:AAPL).
On the date of publication, Brenden Rearick 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.
