Netflix is beating up meme stocks with its newest tech offering. Dogecoin’s founder wants nothing to do with his much-beloved project. Child tax credit checks are hitting Americans’ banks today. So what will the stock market do today?
- The S&P 500 is up 0.12%
- The Dow Jones Industrial Average is up 0.13%
- The Nasdaq Composite is down 0.22%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Netflix Will Deal Blows to Meme Stocks.
If you’re an AMC (NYSE:AMC) or GameStop (NYSE:GME) holder, you definitely hate Netflix (NASDAQ:NFLX) right now. The movie-streaming service already operates to the detriment of the theater chain giant, AMC. Now, the company is coming for the other big meme stock of 2021 with its newest foray into video games.
Netflix is looking to take on a market that its peers Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) have crashed and burned prior. That’s right — the company is going to offer video game streaming on its platform. According to reports, the video game streaming aspects won’t come until at least next year.
Where, before, investors were worried about Netflix stealing revenue away from the much-beloved AMC, now they must worry about Netflix stealing revenue from… Well, we don’t know what GameStop is going to do yet, because its turnaround plan is still in a state of secrecy from the public. But, we can assume it’ll be damaging to whatever model it takes on.
Whether or not GameStop will be trying to compete with Netflix on video game streaming, we can’t say quite yet. However, we can call back to that time when GameStop did try a game streaming service 10 years ago, and it failed miserably.
Netflix’s moves are serious; they are hiring former Electronic Arts (NASDAQ:EA) game-development leader Mike Verdu to head the pivot toward gaming. NFLX stock is trading up as the market opens, and GME and AMC stocks are both continuing their downward trends.
Dogecoin on the Skids After Co-Founder Rails Against Crypto
Dogecoin (CCC:DOGE-USD) is trading down today, and its not the usual Elon Musk altcoin meme-ing that’s pushing it down. Rather, today’s DOGE bearishness comes directly from its founder, Jackson Palmer.
Palmer, who is relatively off-the-grid when it comes to crypto talk, popped onto Twitter to slam against cryptocurrency in general. The real Dogefather said he’d never return to the space again, even after seeing his offspring coin grow to a whopping $26 billion in market capitalization, mostly over the course of the last six months.
“I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents,” Palmer states in his long social media rant against the concept of digital currency as whole. He cites the very fabric of DeFi as being inherently unequal; artificial scarcity, lack of regulation against those at the top, and a model that promises to funnel wealth to the bottom — not unlike Reagan-era “trickle-down economics” — push the case that decentralized finance is not “de-banking” the world.
This also isn’t the first time Palmer has dug into the cryptosphere. Back in May, at the height of Dogecoin madness when Elon Musk was pumping the coin invariably thru Twitter memes, Palmer called the billionaire a “self-absorbed grifter.”
While one might believe Palmer is just making up this idea around cryptocurrency being inherently fraudulent, the losses are quite concrete. Dogecoin is trading at its lowest levels since April, wielding a market price of just under 19 cents. In fact, almost the entire asset class is falling in tandem with DOGE. Bitcoin (CCC:BTC-USD) is experiencing losses of 3%, Ethereum (CCC:ETH-USD) is losing over 4% on today’s trading session.
What Else We’re Watching
- Saquon Barkley joins the likes of Trevor Lawrence and Tom Brady as the newest star athlete to embrace cryptocurrency. The New York Giants running back says he’s taking his endorsement money in Bitcoin to “create generational wealth.”
- Child tax credits are hitting banks today, the newest part of the American Rescue Plan to help families rocked by the pandemic-induced recession.
- LG Chem is investing $5.25 billion into battery materials through 2025. The company’s move comes not necessarily from an electric vehicle (EV) perspective, although it has many sealed battery customers in automakers. Rather, the company is looking to create materials for powering commercial facilities.
- Morgan Stanley (NYSE:MS) is thinking well into the future today. The banking institution says the chances of Tesla developing a flying car down the line are quite large.
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.