What did the stock market do today? 3 great stories to catch up on.
The week has only just begun and it already seems long. This morning’s trading started with the crash of another cryptocurrency and ended with a speculative rally in energy names. So with that in mind, what else happened in the stock market today?
- the S&P 500 closing up 1.4%
- the Dow Jones Industrial Average closed up 1.76%
- the Nasdaq Composite closing up 0.79%
So what else has the stock market done today? Here are some of the best stories.
What did the stock market do today? Talk Crypto.
Crypto prices today likely have investors ready for the weekend… again.
As of this writing, the top 10 cryptocurrencies by market cap are all in the red. Bitcoin (CCC:BTC-USD) prices are down 8%. Dogecoin (CCC:DOGE-USD) prices are down almost 25%. Investors are reacting to the news out of China, reaffirming previous moves to ban crypto trading in the country.
So what exactly happened? Over the weekend, the Chinese province of Sichuan ordered the closure of all Bitcoin mining operations. This province is home to one of the llargest hydroelectric mining centers in the world. It is also not the first province to take a stand, because Investor place Contributor Chris MacDonald reported earlier in June that Qinghai Province has also banned mining.
Now, companies based in China have to relocate or close their operations. As Dogecoin influencer Matt Wallace shared, some companies are already announcing moves to the United States and other countries. In the meantime, investors are still bracing for the pain.
The People’s Bank of China (PBOC) decision made matters worse on Monday. The PBOC has told major Chinese banks that they cannot provide trading, clearing or settlement for crypto transactions. This reaffirms earlier anti-crypto messages from China which is based on its price volatility.
So what’s the bottom line? As Investor place Contributor Robert Lakin reported that today has been a tough day for cryptocurrencies, although the PBOC announcement is (sort of) old news. Prepare for further volatility in the coming days. It would not be surprising to see investors begin to let go of Chinese fears.
Pack your bags?
Hot Vax Summer is here, and American consumers are ready to start traveling again. For companies in the airline, cruise and hotel industry, this brings a variety of rewards and challenges.
During the weekend, Royal Caribbean (NYSE:RCL) saw its first Covid-19 test cruise take off. Her Freedom of the Seas departed Miami on Sunday evening, carrying 600 employee volunteers. During the cruise, Royal Caribbean will test its Covid-19 precautions, with a representative from the Centers for Disease Control and Prevention on board. As CNN reported, this puts it one more step towards accepting paying passengers.
Airlines are also working to get back to normal. In recent days, passenger flow has close to 2019 levels, according to data from the TSA. This should be a boom for airlines like United (NASDAQ:UAL) and American Airlines (NASDAQ:AAL).
However, below the surface, the story of the recovery is a little more complicated.
Airlines – and many other businesses – are struggling due to labor shortages and many other post-pandemic factors. United Airlines CEO Scott Kirby warns of future pilot shortage, and his company is launch of a training academy to counter disturbances. American, facing shortages and similar weather complications, canceled hundreds of flights.
So what’s the bottom line? Labor shortages are hitting a variety of industries, from nursing to engineering. For travel agencies, however, they are particularly painful and could stifle the story of the pandemic recovery.
What else we are looking at
- from amazon (NASDAQ:AMZN) The annual Prime Day event kicks off today and will run until tomorrow, June 22. Investor place Contributor Will Ashworth points out that this shopping holiday offers consumers many offers. Ashworth also writes that for seven other retail stocks like Bed bath and beyond (NASDAQ:BBBY), Amazon Prime Day is a stock market catalyst.
- As part of the American Rescue Plan, the first Child Tax Credit payments will begin to hit bank accounts next month. According to Yahoo finance, the maximum benefits apply to parents with children 6 years or younger.
- One of the best winners today is Torchlight energy (NASDAQ:TRCH). As Investor place Contributor Robert Lakin reported that it is a speculative name that is gaining ground ahead of its merger with Metamaterial (OTCMKTS:MMATF). Until the merger closes, Torchlight will pay a special dividend on June 25.
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 InvestorPlace.com publishing guidelines.
Sarah Smith is Today’s Market Editor at InvestorPlace.com.