On Thursday, the Dow Jones reported its best single-session gain since March, while S&P 500 futures and Nasdaq futures both rose. This may be related to the Center for Disease Control and Prevention (CDC) issuing new guidelines stating that vaccinated people do not need to wear a mask in certain cases.
The stock market rally received a much-needed boost on Thursday, thanks to the CDC’s announcement that vaccinated people do not need to wear a mask in certain cases. Bitcoin sought to maintain its stability as Dogecoin, a competing cryptocurrency, soared in response to Elon Musk’s tweets.
The Dow advanced 434 points for a gain of 1.29%. The S&P 500 and Nasdaq Composite gained 1.22% and 0.72%, respectively.
Disney (DIS) stock fell after the company reported quarterly sales that fell short of Wall Street expectations, with Disney+ subscribers dropping short of expectations and the theme parks division losing money for the fourth quarter in a row.
Airbnb (ABNB) beat first-quarter revenue expectations but recorded a larger-than-expected quarterly loss, causing shares to fall slightly in late trading.
Even after the crypto exchange’s first performance as a publicly traded company fell short of expectations, shares of Coinbase (COIN) saw little change. Coinbase fell 6.53% as Bitcoin and other cryptocurrencies fell due to bad news. Tesla will no longer allow Bitcoin for vehicle transactions, according to Elon Musk, who cited environmental concerns. In addition, the Justice Department and the Internal Revenue Service are allegedly investigating Binance, the world’s largest cryptocurrency exchange, for money laundering and tax evasion. Bitcoin is currently at $49,057.21 as of the time of writing this article.
Meanwhile, Musk continued to promote Dogecoin on Thursday evening, tweeting, “Working with Doge developers to boost machine transaction efficiency.” On this news, Dogecoin surged, reversing steep losses from the previous day. Dogecoin is currently at $0.51 as of the time of writing this article.
In the face of mounting market uncertainty, caution remains the watchword. The state of technology stocks is still poor. Tech giants aren’t currently blinking buy signals. Tesla and Square, as well as a slew of other companies with questionable fundamentals, such as Airbnb, continue to lag.
Furthermore, money can only be exchanged when its value is relatively constant. As a result, the potential viability of a cryptocurrency will be contingent on its ability to promote secure and stable trade.