Hello and welcome to the stock market today! The sun is shining here and the big clues are making a comeback. So what else will the stock market do today? Follow with Investor place.
For starters, the major players include Reddit actions like GameStop (NYSE:GME), Express (NYSE:EXPR), Koss (NASDAQ:KOSS) and Blackberry (NYSE:BB). Another honorable mention goes to INVO Biosciences (NASDAQ:MAIL), who announced his intention to expand its network of fertility clinics.
So what else will the stock market do today? Here are the three best stories to watch.
What will the stock market do today? Focus on Bitcoin.
Bitcoin (CCC:BTC) defies the odds and ramps up on Tuesday. As of this writing, the major cryptocurrency has risen by around 8% in the past 24 hours to reach levels above $ 54,000.
On the one hand, this recent recovery should come as no surprise. The catalysts behind cryptocurrencies, such as growing mainstream support, remain in place. Just today Pay Pal (NASDAQ:PYPL) confirmed that it will acquire Israeli crypto security firm Curve. Coinbase is preparing to go public, and pundits continue to set Bitcoin price predictions at over $ 600,000.
On the flip side, the change in market sentiment over the past week has not been easy for cryptos. Unsurprisingly, higher yields on the 10-year US Treasury bill weighed on BTC. The strengthening of the US dollar did the same. Despite these forces, Bitcoin returned above $ 54,000. For many, this is a sign that its all-time high above $ 58,000 may soon come to the fore.
So what should you watch today? BTC rally affects related names like blockchain stocks and crypto miners. Riot blockchain (NASDAQ:RIOT) and Digital Marathon Group (NASDAQ:MARA) win Tuesday morning. Additionally, keep an eye out for smaller cryptocurrencies. Today’s best movers include Decentraland (CCC:MANA), an NFT paradise, and Orchid (CCC:ORX).
Are tech stocks going to rebound today?
This question invades Wall Street this morning.
Technology stocks are being hit hard by changes in risk sentiment. Rising yields and inflation fears did not help growth stocks. However, that could all change.
Today, the US House of Representatives is expected to clear the remaining legislative hurdles with the $ 1.9 trillion stimulus package. If they do, President Joe Biden will be ready to sign, and the stock market appears to rally in anticipation. Although the stimulus itself is a major factor in inflationary fears, investors also focus on economic benefits. Improved unemployment benefits and direct payments to US households will act as a springboard. Additionally, analysts believe the stimulus will be a great way to boost demand for stocks.
Want a longer term perspective? Investor place Analyst Luke Lango says investors ditching tech stocks in favor of reopening coins are missing the big picture. He does not deny that AMC Entertainment (NYSE:AMC) will win when cinemas can open en masse, or when Carnival (NYSE:CCL) will benefit from a return to the cruise. However, investors who abandon powerful players like Palantir (NYSE:PLTR) and Zoom (NASDAQ:ZM) will miss their long-term potential.
Tesla powers Texas, electric vehicles move to Hong Kong
I promise it’s not just the sunny weather that speaks. The future really looks green.
We see two cases of it on Tuesday, the first coming from hard-hit Texas. A new Bloomberg report emphasizes that You’re here (NASDAQ:TSLA) is build a secret mega-battery that it connects to the energy network. By working through subsidiary Gambit Energy, it appears Tesla is doing its part to help revolutionize the grid in Texas. It is only fair, after CEO Elon Musk mocked the nonprofit Electric Reliability Council of Texas (Ercot).
At present Bloomberg Tesla says is building a 100 megawatt energy storage project. While this battery cannot power the entire state, it could at least help 20,000 homes on a hot day.
Why is this important? Following the energy crisis in Texas, experts call on the state to integrate its infrastructure into the future of electricity. In order to do so, he will have to invest in energy storage solutions. Tesla, a key player in the residential energy market, could make big waves ahead.
Want another bite of EV news to fuel your day? Look in Hong Kong. The, Nio (NYSE:NIO), Li Auto (NASDAQ:LI) and Xpeng (NYSE:XPEV) all provide for a double registration. Such a move could help increase investor interest and combat the liquidation of electric vehicle stocks.
As of the publication date, Sarah Smith does not have (directly or indirectly) any position in any of the stocks mentioned in this article.
Sarah Smith is a Web Content Producer at InvestorPlace.com.