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What Did the Inventory Market Do Right this moment? 3 Massive Tales to Catch Up On. – InvestorPlace


Right this moment was one other busy day within the inventory market that introduced a lot of crimson in addition to massive cryptocurrency positive aspects. So what all did the inventory market do at present?

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  • The S&P 500 closed decrease by .67%
  • The Dow Jones Industrial Common closed larger by .06%
  • The Nasdaq Composite closed decrease by 1.88%

So what else did the inventory market do at present? Listed below are a few of the prime tales.

What Did the Inventory Market Do Right this moment? Tech Shares Suffered.

The key indices opened within the crimson, and that ache continued all through the buying and selling day.

Importantly, the Nasdaq Composite prepared the ground down, posting certainly one of its worst days since March. As InvestorPlace contributor William White highlighted, there have been a wide range of causes for this decline. One comes from Treasury Secretary Janet Yellen, who warned that rates of interest might must rise. Yellen mentioned this on Monday, within the context of the potential for an overheating economic system.

Traders doubtless know {that a} concern of rising charges has weighed available on the market for some time. This significantly hurts tech shares, as a result of they’re growth-focused and profit extra from a low-rate setting.

Including to the tech inventory woes, Wells Fargo analyst Chris Harvey got here out with a bearish notice. He mentioned that within the coming weeks and months, buyers might transfer away from tech shares. His reasoning? Proper now, he worries that tech shares are a mixture of excessive development and excessive danger.

So what’s the backside line? We now have seen this earlier than, with fears of rising charges and sector rotation hurting tech leaders like Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT). Nonetheless, with the Covid-19 reopening story persevering with to unfold, buyers ought to keep away from panicking.

Millennials Are Flocking to Crypto Cash

A brand new survey from Mastercard (NYSE:MA) yielded stunning outcomes. In line with the report, 40% shoppers plan to make use of cryptocurrencies within the subsequent 12 months.

Breaking down the outcomes, Mastercard discovered that client curiosity in utilizing cryptocurrencies is significantly robust amongst millennials. In reality, 67% mentioned they had been extra doubtless to make use of cryptos now than a 12 months in the past. Greater than 75% mentioned they’re would use crypto cash, however that they wanted to raised perceive how they labored. A lot of this curiosity comes within the wake of Covid-19, which has prompted an increase in cashless funds.

Traders ought to notice that this is only one survey — I do know my grandmothers definitely usually are not about to pay with Bitcoin (CCC:BTC-USD) anytime quickly. Nonetheless, it highlights that cryptocurrencies are actually gaining mainstream consideration.

Take Dogecoin (CCC:DOGE-USD) for instance. Right this moment, the meme coin hit an all-time excessive above 60 cents, on the again of stories that eToro would help Dogecoin buying and selling. The Oakland Athletics introduced that clients might purchase tickets with DOGE, and the Winklevoss twins added buying and selling help on their Gemini trade. Celebrities, together with Meek Mill, proceed to hop on the DOGE practice.

One thing that began as a literal joke has confirmed its means to disrupt finance, and buyers ought to take notice. Learn extra about the place Dogecoin costs might go right here.

A Little Little bit of Submit-Pandemic Bling

In the course of the pandemic, the market misplaced some sparkle… and I’m not simply speaking concerning the March 2020 selloff. One trade report exhibits that world diamond gross sales fell 15% in 2020 as a result of a wide range of components, together with lockdowns, journey restrictions and financial uncertainty. De Beers additionally highlighted that it was onerous for consumers to journey to sale websites.

In response, jewelers are shaking issues up.

Now a part of LVMH (OTCMKTS:LVMUY), Tiffany & Co. is making an attempt to attraction to a wider market with its engagement rings. Beginning this month, the jeweler will start providing engagement rings for males, citing conventional signet rings as inspiration. Tiffany says that that is in response to rising demand from male buyers, and follows strikes from newer gamers within the trade. As Megan Hills wrote for CNN, it additionally acknowledges same-sex marriages and supplies {couples} with extra choices.

In an identical transfer, Pandora (OTCMKTS:PANDY) is hoping to shake issues up, shifting away from mined diamonds. Pandora says this can be a transfer to acknowledge rising client curiosity in sustainability. The group at Morning Brew suggests it’s in response to falling demand in 2020.

So the place do issues stand? Plainly Covid-19 is forcing jewelers to innovate, and youthful shoppers are rising in buying energy. Nonetheless, De Beers says that youthful shoppers nonetheless are followers of mined diamonds… and that the normal diamond trade is recovering.

Both manner, it’s clear that the pandemic has modified every part, from the rings we put on to the roles we work and the locations we go. The subsequent few months will convey again some sparkle, whether or not or not it’s mined or lab-grown.

On the date of publication, Sarah Smith didn’t have (both immediately or not directly) any positions within the securities talked about on this article.

Sarah Smith is the Editor of Right this moment’s Market with InvestorPlace.com. 

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