What will the stock market do today? 3 great stories to watch.
Hello and welcome to the stock market today! The meme stock crowd still seems to be betting on private prisons and speculative mortgage REITs, and Shiba Inu cryptos are barking higher again. So, with that in mind, what is the stock market going to do today?
- the S&P 500 is up 0.43%
- the Dow Jones Industrial Average is up 0.39%
- the Nasdaq Composite is up 0.46%
So what else will the stock market do today? Here are some of the best stories – and here is a free report with 13 cryptos even better than Alaskan Inu (CCC:LAS-USD).
What will the stock market do today? Talk about inflation.
Investors continue to feel the push and pull of economic updates. This morning, they learned that weekly jobless claims stand at 376,000. Importantly, this is a sixth consecutive decline and a new low in the pandemic era. Although the initial jobless claims report was slightly worse than expected, the consensus on Wall Street appears to be that the employment situation is improving significantly.
But as Yahoo finance reported, there are more below the surface.
These numbers are still high compared to pre-pandemic levels, raising concerns about a labor shortage in the United States. This has led some companies, like Chipotle (NYSE:GCM), to increase salaries in order to speed up recruitment. States are also starting to scale back benefits from the pandemic, ahead of the September 6 deadline.
Next, investors need to factor in the conversation about consumer prices and inflation. Wall Street also learned that this morning consumer prices increased 5% yoy in May, marking the largest year-on-year increase since August 2008. Prices also rose 0.6% in May from April 2021.
As Axes reported, the White House is already working to fight fears of widespread inflation, underscoring the short-term nature of the rise. However, as investors piece together the puzzle of unemployment, supply chain disruptions and rising prices, it’s unclear whether the glass is half full or half empty.
For now, the major indices remain on the rise despite the data on consumer prices, with the S&P 500 close just below all-time highs Wednesday. Keep this story in mind, because we’ve seen how quickly feelings can change.
Elon Musk can really be on to something …
Of Bitcoin (CCC:BTC-USD) at Dogecoin (CCC:DOGE-USD) at Ethereum (CCC:ETH-USD), it’s no secret that Elon Musk has a huge influence on crypto prices. That’s why a series of vague but provocative emojis was enough to make a few little-known tokens soar.
– Elon Musk (@elonmusk) June 5, 2021
Last week, Musk sparked interest in SpermRocket (CCC:CUMMIES-USD) and PornRocket (CCC:PORNROCKET-USD), two cryptocurrencies that are not secure for work. Although his tweets didn’t explicitly name either crypto, the emojis seemed to get the point across. CumRocket and PornRocket became trending cryptos on CoinMarketCap in the blink of an eye.
There may not be any clear reason behind his interest in these cryptos. But, their rudeness doesn’t make them worthy of being fired.
Listen to me. CumRocket and PornRocket may actually have real use cases … or at least represent the potential for crypto to disrupt a huge industry. Their peer Moonlyfans (CCC:MOONLYFANS-USD) also deserves careful consideration, allowing users to subscribe to OnlyFans with crypto payments.
The reality is that traditional financial players are turning away from the adult content industry. In December 2020, as Pornhub responded to allegations that its largely unregulated platform allowed child abuse, MasterCard (NYSE:MY), Visa (NYSE:V) and Discovery (NASDAQ:DISCA, NASDAQ:DISCB) cut ties with the site. The trio of companies blocked customers from use their credit cards to make payments on Pornhub.
At the same time, OnlyFans emerged in a booming designer economy, but also took risks through the financial industry. Adult content creators have faced limitations in what they can promote, allegedly for the purpose of appeasing payment processors.
PornRocket, CumRocket and MoonlyFans suggest an answer to this dilemma: using cryptocurrencies to pay, tip and interact with adult content creators.
Looking back, this use case covers more than adult content. Cannabis-specific cryptos aim to solve banking problems in the recreational pot world, and other coins seek to allow anonymous payments for journalists and other privacy-conscious customers.
So what’s the bottom line? Musk may be a fan of these cryptos for their bizarre (and gross) names, but they speak of a much broader application of digital currencies.
Looking for the best moonshot cryptos that are even better than CumRocket and PornRocket? InvestorPlace’s The shitcoin expert has 13 choices here.
What else we are looking at
As of the publication date, Sarah Smith does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
Sarah Smith is Today’s Market Editor at InvestorPlace.com.