The stock market is simply not slowing down. After a hectic start to the week, Tuesday brought more huge news and big moves to Wall Street. Cryptocurrencies continued to warm up, a few speculative biotech stocks skyrocketed and electrical automobile plays saw a light at the end of the tunnel. So what did the stock market do today? Dive in with InvestorPlace listed below.
Source: Shutterstock To begin, the significant indices continue to stall out after striking record highs. The S&P 500 shed 0.1%, while the Dow Jones Industrial Average dipped 0.29%. The Nasdaq
Composite dropped 0.05%. So what else did the stock market do today? Here are the top three stories.
What Did the Stock Market Do Today? Prep for the Coinbase IPO.
Cryptocurrencies continued to control on Tuesday, with a number of popular altcoins blazing a trail.
Cardano (CCC:ADA-USD) got caught up in the craze, getting on hopes that it could be the next Bitcoin (CCC:BTC-USD) in terms of market dominance. Likewise helping matters is the reality that now, the Cardano blockchain is 100% decentralized. XRP (CCC:XRP-USD) continued to brush off suit concerns, exceeding $1 for the very first time in years. And meme preferred Dogecoin (CCC: DOGE-USD) likewise gained, as investors eye rate targets of $1 or greater for 2021.
The reality is that traditional support continues to grow for cryptos. Major sellers and financial institutions are working to integrate digital payments. Increasingly more altcoins are entering into the spotlight. Even Bitcoin, which appears to be stalling out, is fascinating analysts with near-term rate targets above $100,000.
So what should investors be enjoying?
The short response is the Coinbase IPO. The crypto exchange is set to come public via direct listing on Wednesday, April 14. Already, news of its stock market launching is turning heads. As InvestorPlace contributor William White wrote this morning, this is since Coinbase is the largest such exchange in the United States, and it continues to grow.
In fact, Coinbase is seeing remarkable growth. In a voluntary first-quarter conference call, Coinbase announced that its active users jumped 117% quarter-over-quarter. It logged 2.8 million active users in Q4 2020. This previous quarter that number hit 6.1 million. Overall, validated users climbed up from 43 million to 56 million.
COIN stock already assures to make headings when it strikes the Nasdaq. Make sure to keep the Coinbase IPO at the top of your watch list.
EV Stocks: Two Courses Forward
Goldman Sachs made waves on Tuesday when it launched 6 top stock choices among EV stocks. Unsurprisingly, industry leader Tesla (NASDAQ:TSLA) topped the list. With Elon Musk continuing to lead the way for other all-electric companies, experts have been hopping on board with price targets as high as $3,000.
Nevertheless, TSLA stock may have been the only unsurprising pick on the list. Right behind it is Volkswagen (OTCMKTS:VWAGY), a standard automaker that has actually been quickly rotating to the all-electric world. Helped by a collaboration with QuantumScape (NYSE:QS), Volkswagen has set lofty goals for electrifying its vehicle pipeline. Other choices consist of overseas battery and automobile parts suppliers, which Goldman experts view as having maximum upside potential. You can read more about the Goldman Sachs EV stocks list here.
It appears that right now, one method forward for investors is finding little-known choices that can benefit from the speeding up pattern. Another path forward includes looking at the most-familiar companies.
Today, General Motors (NYSE:GM) stock struck an all-time high thanks to electric automobile news of its own. The business verified that it is planning on producing an all-electric Chevrolet Silverado pickup. This belongs to its previously announced $2.2 billion investment in its Detroit plant– and part of its more comprehensive electrification plan. Just over the weekend, General Motors revealed its GMC Hummer EV, another eco-friendly take on a popular lorry.
EV stocks have actually certainly hit holes in recent weeks, but the long-term story remains intense.
Robotics Are Taking Over Wall Street
Today Sarcos Robotics verified plans to come public through a reverse merger with Rotor Acquisition (NYSE:ROT). For those unknown, Sarcos is a firm that focuses on establishing robotic exoskeletons. It guarantees to increase performance among industrial and military employees, and to ensure jobs easier. For example, as InvestorPlace Web Editor Nick Clarkson highlighted, its exoskeleton assists wearers lift much heavier items.
So what should investors take away from this news?
The first is that robotics business are continuing to advance technologically, making robotics stocks even more intriguing. The second is that ROT stock might come with some baggage. As Dan Primack wrote for Axios, Rotor Acquisition recently led a funding round for Sarcos. Plus, the blank-check business participated in a CES product unveiling. That might be excessive for the U.S. Securities and Exchange Commission to handle.
Keep the Sarcos SPAC merger on your radar for its robotics potential, but understand the road ahead may be dangerous.
On the date of publication, Sarah Smith did not have (either straight or indirectly) any positions in the securities pointed out in this post.
Sarah Smith is a Web Content Manufacturer with InvestorPlace.com.