What a busy day in the stock market today. Ark Invest Saw him ETF for space exploration (Bates:ARKXDive into the first day of trading, and GameStop (New York Stock Exchange:GME) Beat more progress in transformation. Investors have a lot to watch later this week, especially with the upcoming big infrastructure news. So what did the stock market do today? Dive into InvestorPlace below.
To get started, take a look at the red color in key clues. The Standard & Poor’s 500 It loses 0.32%, while Dow Jones Industrial Average It decreased 0.31%. The Nasdaq composite It is also down, as it lost 0.11% in Tuesday’s trading.
So what has the stock market also done today? Here are my top three stories.
What did the stock market do today? You worry about expenses.
Today looks like Groundhog Day.
Tomorrow, President Joe Biden will travel to Pittsburgh to unveil his plan to reorganize infrastructure and large-scale manufacturing in the United States. Economists are largely optimistic about this $ 3 trillion plan. This will help create jobs, fuel economic activity, and move the United States beyond the damage caused by Covid-19. Now everyone is waiting to see how Biden finances it.
As a repeat of the stock market movement around the $ 1.9 trillion bailout, the major indices fell today. The Dow Jones Industrial Average lost nearly 100 points, marking the end of three straight days. The yield on the 10-year US Treasury has surpassed 1.7%, and at some point today it has reached its highest level in 14 months.
As InvestorPlace contributor Chris MacDonald noted, we are seeing the same cascading effects as with the Covid-19 Relief Program. Investors are concerned about inflation and a feeling of no risk has affected technology stocks. Watch how Biden plans to finance infrastructure spending. And as we saw with the US bailout, once the cash injection reaches the market, investors can chase everything higher.
Is IPO Coming Into the Realm of NFT Stocks?
Investors still yearned for so-called non-exchangeable token (NFT) stocks, but now they want legitimacy. Companies like Colored star (Nasdaq:CSCW) Winning after NFT’s clear plans are announced, while others are in shame. Hall of Fame & Divertissement Resort (Nasdaq:HOFVIt sold nearly 20% today after the fictional soccer news didn’t satisfy investors.
Make no mistake: NFT stocks are still very speculative. However, as crypto assets continue to dominate the news, investors want the industry’s best and biggest opportunities.
The rightful NFT leader might be about to announce to the public. Dapper Laboratories, The company behind NBA Top Shot and Crypto Kitties, just raised $ 305 million in its most recent funding round. This brings its valuation to $ 2.6 billion, and it caused quite a stir on Wall Street. Although Dapper Labs has not confirmed its intention to go public, many believe that the company and its NFT platforms will likely continue to grow. Additionally, a Dapper Labs initial public offering would give it money to help it grow its offerings.
What does this mean for investors? For now, with no specific plans for an initial public offering from Dapper Labs, there is little to wait game out, however, that serves to say the NFT stock craze is only growing. Speculative and unknown names such as Art of Taung (the new:weave) It may soon give way to companies with high profile celebrities and venture capital backers.
All about the creative economy
The Designer Economy is booming and now it’s boosted by business reviews.
Today, Axios mentioned that Sub heap It is raising $ 65 million in its latest funding round, driven by a growing interest in newsletters. The platform, largely run by professional journalists, is marketing the idea that you can be your own boss. You can write your own newsletter, publish it to paying subscribers, and keep the most of the income. After this final round, Substack could see her valuation run up to $ 650 million. PatreonAnother economy platform, it is worth $ 1.2 billion. And from today, a barrier It is however another unicorn of the creative economy, having raised $ 100 million with a valuation of $ 1 billion.
According to many experts, Covid-19 has only fueled this economy. People were looking for new creative opportunities and new ways to earn money. Through these platforms, consumers can subscribe to targeted newsletters, pay to their favorite broadcast screens, or receive personalized birthday messages from an inquisitive series of celebrities. But what should investors pay attention to?
Maybe Kia Kokalicheva and Dan Primak are working on something. Writing on Substack for Axios, they warned that the popular platform could face stiff competition from Big Tech. Soak this story and keep an eye on your favorite influencers.
As of the date of publication, Sarah Smith has not held (directly or indirectly) any position in any of the securities mentioned in this article.
Sarah Smith is a web content producer for InvestorPlace.com.