What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.

The crypto market continues to come to grips with the recent Poly Network hack, which saw hundreds of millions in assets taken. Meanwhile, two major U.S. health agencies are preparing to accommodate vaccine boosters for immunocompromised citizens. So, what did the stock market do today?

Street sign for Wall Street pictured in front of several American flags representing american stocks

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  • The S&P 500 closed up 0.3%
  • The Dow Jones Industrial Average closed up 0.04%
  • The Nasdaq Composite closed up 0.35%

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

What Did the Stock Market Do Today? Hackers Returned $350 Million in Crypto.

The hack of the Poly Network is one of the largest and most carefully planned crypto heists ever. A hacker targeted the network and was able to siphon $600 million in crypto from three major blockchains. The story only gets weirder from there.

Poly Network is a blockchain product centered around interoperability. It bridges the gaps between a whole host of independent blockchain networks, giving users the power to move data and assets with ease and efficiency between chains. However, it’s not making news for its innovative design.

Rather, it’s because an anonymous actor exploited a technical vulnerability to move $600 million in assets. These assets were taken from three of the largest blockchain networks: Ethereum (CCC:ETH-USD), Binance (CCC:BNB-USD) and Polygon (CCC:MATIC-USD).

The hacker put messages in their transactions, taunting developers and users. They asked for help laundering the crypto and mixing it to make it harder to trace. They also asked users to hold a governance vote to decide what the hacker would do with the digital currency.

The most surprising part about this ordeal is not even the scope of the hack or the amount of money stolen. It’s that the hacker is returning the funds. Over the last day, the hacker returned all of the funds taken from Binance and Polygon and about half of the money stolen from Ethereum.

In the transactions, the hacker also embedded a Q&A, in which they give their motive, brag quite a bit and say that they wanted to simply bring attention to the vulnerability. They also praised the Poly Network, calling it a sophisticated network, and “one of the most challenging hacks that a hacker can enjoy.”

Vaccines Remain a Hot Topic as CDC, FDA Look Toward Boosters

Vaccines are continuing to grow as a point of contention among Americans. Many are hesitant to even get their first shot, thanks to the politicization of the virus and treatment of it. Now, as vaccine hesitancy allows an increasing number of variants into the U.S., booster shots are something we must consider. Government agencies are accordingly adjusting their stances on the issue of boosters.

The Food and Drug Administration (FDA) and Centers for Disease Control (CDC) released a joint statement in July on booster shots. In it, the two entities stated that Americans who are fully vaccinated do not need a booster for the time being. Well, barely a month later, it’s looking like they are reneging on that statement in favor of further protecting at-risk groups. This statement stood in opposition of proponents of vaccines; Moderna (NASDAQ:MRNA) CEO Stéphane Bancel says his company had been preparing boosters ever since the mutated variants began to take root.

Now, both government entities are getting ready to give the green light for booster shots. Americans are expecting the FDA to authorize boosters for specific immunocompromised groups by tomorrow. Of course, this is crucial to the rollout, as boosters cannot be distributed at all without the FDA’s go-ahead. Friday will see the CDC meet on the matter. The CDC’s Advisory Committee on Immunization Practices will meet to hold a discussion on the necessity of vaccines. Then, the panel will vote in the afternoon on an official CDC policy.

These boosters are, as of right now, focused on protecting immunocompromised Americans. The CDC discussion will center mainly on people dealing with degenerative illnesses, like cancer and HIV. It still remains to be seen whether the bodies will accommodate vaccine boosters for others as well.

What Else We’re Watching

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.


Article printed from InvestorPlace Media, https://investorplace.com/2021/08/what-did-the-stock-market-do-today-3-big-stories-to-catch-up-on-13-2/.

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