Good morning and welcome to the stock market today! Everyone is buzzing about mask and vaccine mandates, and earnings season continues apace. So what else will the stock market do today?

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• The S&P 500 is up 0.11%
• The Dow Jones Industrial Average is down 0.15%
• The Nasdaq Composite is up 0.77%

So what else will the stock market do today? Here are some of the top stories.

What Will the Stock Market Do Today? Mask Up.

Pfizer (NYSE:PFE) finds itself at a major Covid-19 crossroads.

As InvestorPlace Assistant News Writer Brenden Rearick wrote just yesterday, several pandemic winners are now coming off their peaks. Zoom Video (NASDAQ:ZM) is fading as people return to offices, and United Parcel Service (NYSE:UPS) also is slumping as in-person shopping gains steam. The reopening narrative appears to be hurting these stocks while otherwise lifting the economy.

However, news yesterday may have seriously hampered this reality. The Centers for Disease Control and Prevention rolled out new mask guidance yesterday… and things are moving backwards. In response to the Delta virus variant and large numbers of unvaccinated Americans, the CDC says fully vaccinated individuals should return to wearing masks indoors in areas of high transmission. This comes as health officials anticipate another Covid-19 surge in the fall as the Delta variant spreads.

On a similar note, Biden is kicking off talk around vaccine mandates. According to CNBC, the president will require federal employees and contractors to get vaccinated. Those who do not will have to submit to testing.

So what does this mean? It seems that just as pandemic plays are cooling down in the stock market, the pandemic itself is heating back up. Pfizer, keen to leverage its position as a core Covid-19 vaccine maker, released new data on Wednesday morning. This report pushes the efficacy of a third booster shot against the Delta variant. Could renewed virus fears get the CDC more on board the booster shot train?

Everyone Is Talking About China

It is no secret that these last several days have been tough for Chinese equities. Regulatory threats are ramping up, as Beijing takes aim at Chinese companies that list on U.S. exchanges. Investors were already worried about some of these U.S.-listed companies and their abilities to maintain compliance. Now, that may be a moot point, as China talks about bringing those listings back to the mainland.

For companies like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV), this talk has been pretty painful.

And, as InvestorPlace contributor William White wrote recently, Chinese education companies are feeling some pain of their own. That is because, in an effort to boost accessibility, government officials are talking about an education crackdown. TAL Education (NYSE:TAL) and its peers are suffering as Beijing keeps private education companies from raising money through stock listings.

So where do things stand now? Just like with Covid-19, it seems investors are not sure what to think. On one hand, Cathie Wood is causing some heartache as her Ark Invest funds sell off Chinese-based equities. On the other hand, Chinese officials are pushing for calm, including through a state-owned securities newsletter. That editorial, plus a few reflections on corporate fundamentals, appear to be lifting hard-hit names like Nio stock today.

What Else We’re Watching

• Big Tech continues to be in focus as companies like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) and Apple (NASDAQ:AAPL) share record results. Facebook (NASDAQ:FB) is also drawing attention, but its news goes beyond quarterly performance. CEO Mark Zuckerberg has announced that he is looking to the next chapter for his company — the metaverse. In this vision, the Silicon Valley giant will take a leadership role in a 3D dimension online where we conduct most aspects of our personal and professional lives.
• Pinterest (NYSE:PINS) is also buzzing forward with some tech moves. Yesterday, the company announced features aimed at capturing a share of the creator economy. One of these features will allow creators to earn commissions from pointing followers toward specific products.
• Tilray (NASDAQ:TLRY) is soaring on Wednesday, despite missing analyst estimates. It seems investors are focused on the good news, including that the cannabis giant swung to a profit and is starting to benefit from its tie-up with Aphria. You can read more about its quarterly figures here.

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.