Good morning and welcome to the stock market today! Donuts are debuting on Wall Street, Elon Musk is up to his social media shenanigans and the long weekend is fast approaching. Beyond all that, what will the stock market do today?
- The S&P 500 is up 0.26%
- The Dow Jones Industrial Average is up 0.23%
- The Nasdaq Composite is up 0.03%
So what will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Thank Musk.
It looks like Elon Musk is officially back from his crypto-pumping hiatus. Twitter is rejoicing, and Dogecoin (CCC:DOGE-USD) prices briefly spiked in response to his latest meme.
But another, lesser-known cryptocurrency is also getting a boost. Investors may remember that Musk is partial to the catchy tune “Baby Shark” — and has previously sparked interest in stocks related to it. Today, he is building on that admiration. His tweet around “Baby Doge” is taking the internet by storm.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge— Elon Musk (@elonmusk) July 1, 2021
Importantly, the tweet has also sent investors flocking to Baby Doge Coin (CCC:BABYDOGE-USD), and has sent token prices up more than 80%. Trading volume in the cryptocurrency is also up 156% over the last 24 hours.
But what exactly is Baby Doge?
Like other popular meme cryptos, Baby Doge Coin is all about community, and stems from fans of the much larger Dogecoin. The token largely seeks to build on DOGE, promising faster transaction speeds and a cute logo. It is also hyper-deflationary, and touts a smart staking system.
Investors should note that while Baby Doge is adorable, it has a long way to go. In its first phases of existence, developers are focusing on spreading its reach through Telegram channels and other social media platforms. As part of this, they are also pushing for more accessible exchange listings. Then, they ultimately have mapped out non-fungible token offerings, wallet features and donations to animal shelters. Along the way, holders can expect a lot of memes.
The bottom line: Baby Doge looks ready to rocket thanks to Musk, but like many of its dog-themed peers, it does not promise unique utility. Keep that in mind if you decide to add some tokens to your cryptocurrency kennel.
HVAC Stocks Are Heating Up
One of the top stories this week has been the wicked heat wave making its way across the United States. Roads are collapsing, power cables are melting and states are grappling with hundreds of heat-related emergency room visits.
Through it all, Wall Street continues to look for investing opportunities…
According to the team at Robinhood Snacks, the heat wave has made HVAC companies into winners. Lennox (NYSE:LII) and Carrier (NYSE:CARR) are both near all-time highs as consumers combat heat and sweat with air conditioning. These companies are also experiencing the supply-demand imbalances that have now become such an integral part of the pandemic market. Demand for air conditioners is high, but key parts are out of stock. The ongoing labor shortage is also hitting HVAC repair teams, who now do not have enough workers to meet city needs.
Robinhood Snacks also says that Lennox and Carrier are benefitting from a cyclical situation. Customers pump air conditioning when temperatures are hot outside, and HVAC machines pump out carbon emissions. These emissions in turn raise temperatures over the long term, sparking greater need for air conditioning in homes.
That is why Trane Technologies (NYSE:TT) has captivated many analysts. The company promises to help clean up a portion of the emissions, offering a greener solution.
What Else We’re Watching
- Many Americans are embarking on a summer filled with Covid-19 vaccinations and a return to normalcy. With that comes a return to dating apps, and Bumble (NASDAQ:BMBL) is looking to leverage this reality. To do so, the company is opening its first restaurant in New York City to create a branded space for couples to meet. It also hopes this space can be used for app-driven hangouts and networking events.
- Private equity giant TPG is once again flirting with talk of coming public. According to the Wall Street Journal, it is weighing both a traditional IPO and a SPAC merger as options.
- Krispy Kreme (NASDAQ:DNUT), the beloved donut and coffee chain, officially launched its return to public markets today. DNUT stock priced at $17, below its IPO range of $21-$24. Read more from InvestorPlace contributor Robert Lakin about the DNUT stock IPO here.
- On that note, Clear Secure (NYSE:YOU) came public yesterday and is already generating buzz on Wall Street. That is because the company is all about the next generation of identification technology, using biometric data.
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.
