Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session. The S&P 500 decreased by (-0.53%) and the Dow made a gain of (-0.36%). After a Tesla vehicle suspected to be without a driver crashed into a tree north of Houston on Saturday, killing two passengers, the electric-car maker’s stock fell 3.4%.

The stock had the greatest negative impact on the S&P 500 and Nasdaq Composite Indexes. Tesla’s stock price was weighted down by an 8.4% plunge in bitcoin over the weekend, in which it has a stake.

The yield on 10-year Treasuries was at 1.58%, after falling six base points in the U.S. trading session.

READ: Elon Musk gains $19bn in 3 days, gap with Jeff Bezos shrinks to $4bn

• The stock of GameStop Corp soared 6.3% after the announcement of its CEO’s resignation.
• Nvidia’s stock fell 3.5% after the UK government announced it would investigate the national security ramifications of Nvidia’s $40 billion acquisition of British chip designer ARM Holdings, creating doubts about the transaction.

Top gainers  

1. Harley-Davidson up 9.68% to close at $44.29
2. Albemarle up 3.60% to close at $157.50
3. Morgan Stanley up 1.83% to close at $80.03
4. Charles Schwab up 1.76% to close at $65.88
5. Bank of NY Mellon up 1.61% to close at $46.81

READ: S&P 500 sets record highs on the back of tech stocks

Top losers

1. Altria down -6.17% to close at $49.08
2. Arconic down -6.07% to close at $26.02
3. Synopsys down -3.88% to close at $250.64
4. Cadence Design down -3.61% to close at $141.94
5. Broadcom down -3.51% to close at $462.00

READ: Wall Street dips in expectation of inflation report

Outlook

• As bitcoin suffered a beating over the weekend, crypto stocks like Riot Blockchain and Marathon Digital both fell more than 8%. Bitcoin was down 0.7% at the time of writing.
• Speculators are expecting a recovery as the market opens today.
• Nairametrics, however, advises cautious buying in this era of growing uncertainties.

In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.

Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.

The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.

Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.

READ: SEC ban on foreign stocks denies Nigerian investors of generational wealth

At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”