Unfortunately for investors, the stock market could not keep up its record pace today. In fact, in face of weaker-than-expected retail sales, the S&P 500 ended its five-day winning streak. Beyond all that, what did the stock market do today?
- The S&P 500 closed down 0.71%
- The Dow Jones Industrial Average closed down 0.79%
- The Nasdaq Composite closed down 0.93%
So what else did the stock market do today? Here are some of the top stories.
What Did the Stock Market Do Today? Discover AUDIO.
As TikTok has continued to gain relevance and influence in the realm of social media, the content on its platform has also gained in power. The app of short-form videos has become a hub for new audio — music labels have discovered new artists on TikTok. Other artists, like Drake and Doja Cat, have created pop hits with social media users in mind. Catchy songs perfectly marry with dance challenges or other viral video trends.
Recognizing the importance of platform audio, TikTok recently created its TikTok Sounds Library.
The creator-friendly move quickly became a crypto-friendly one. Today, news that TikTok would partner with Audius (CCC:AUDIO-USD) on the Sounds Library sent the little-known AUDIO crypto soaring. Audius is a music-streaming service on the Ethereum and Solana blockchains. And up until the TikTok deal, it had just 5 million users.
As a result of the partnership, TikTok will now have its first partner for direct streaming. CoinDesk writes that this will streamline the process for TikTok creators, it will also give Audius users access to a huge new audience. This sounds like a win-win, and has juiced interest in Audius price predictions in a real way. Read more about where the AUDIO crypto is headed here.
Not All Cryptos Are Winners…
While Audius was a clear winner in the crypto world today, not all coins and tokens are in the same boat.
As InvestorPlace Assistant News Writer Brenden Rearick wrote today, the cryptocurrency market has been in a tough spot. Bitcoin (CCC:BTC-USD) fell below $30,000, and other popular altcoins fell along with it. Investors have been worried about energy consumption, mining crackdowns and U.S. regulatory threats. This reality has even prompted some to wonder: Is crypto dead?
Rearick maintains that the future for cryptos is still bright. However, there are cryptocurrencies that have no real utility — or that face too serious of threats. These cryptocurrencies are not positioned to survive and thrive for the long term.
So what are these names? Unfortunately, Rearick lumps popular coins and tokens like Shiba Inu (CCC:SHIB-USD) and BitTorrent (CCC:BTT-USD) in with this group, but he has good reason.
What Else We’re Watching
- Palantir (NYSE:PLTR) once again has investors raising their eyebrows. The company announced that, in an effort to enhance shareholder returns, it was making some SPAC bets. This move includes it investing in eight special purpose acquisition targets. Palantir also invested more than $50 million in gold bars.
- However, not all SPAC news today is good news. Investors also learned about a new lawsuit against Bill Ackman and his Pershing Square Tontine Holdings (NYSE:PSTH). The suit asks for Pershing to lose its blank-check status, instead treating it as an investment company. Plaintiffs take issue with the levels of compensation awarded to Ackman and other directors.
- Cathie Wood and Michael Burry may be grabbing the headlines, but Warren Buffett is also making big moves. The Oracle of Omaha switched up his holdings in Q2, creating some winners and losers. Today, one of those top winners is Kroger (NYSE:KR), in which Buffett expanded his stake by 21%. Read more about the latest Buffett stock moves here.
- Arcimoto (NASDAQ:FUV) announced today that its signature Fun Utility Vehicle will now be available at the Graduate Eugene hotel property. You can learn more about FUV stock — and the transformative electric vehicle company — 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.
Sarah Smith is the Editor of Today’s Market with InvestorPlace.com