Home Dogecoin What Will the Stock Market Do Today? 3 Big Stories to Watch.

What Will the Stock Market Do Today? 3 Big Stories to Watch.

What Will the Stock Market Do Today? 3 Big Stories to Watch.


Good morning and welcome to the stock market today! It is the last trading day of the week, the S&P 500 just hit 4,000 and cryptocurrencies are zooming higher. So what else will the stock market do today? Dive in below with InvestorPlace.

Street sign for Wall Street pictured in front of several American flags representing american stocks

Source: Shutterstock

To start, Wall Street appears to be embracing the American Jobs Plan, focusing on its growth potential. The S&P 500 is up 0.76%, while the Dow Jones Industrial Average is up 0.25%. The Nasdaq Composite is also up, to the tune of 1.71%.

So what will the stock market do today? Here are the top three stories.

What Will the Stock Market Do Today? Charge Up.

Investors are paying close attention to the $2 trillion American Jobs Plan, and EV stocks are benefitting.

This morning is bringing big gains to several top names in the space. QuantumScape (NYSE:QS) is up nearly 20% thanks to infrastructure hopes and solid-state battery progress. As InvestorPlace contributor Robert Lakin wrote, the company hit yet another milestone in its relationship with Volkswagen (OTCMKTS:VWAGY). As a result, QuantumScape has earned itself $100 million and is pushing ahead.

Other winners include ChargePoint (NYSE:CHPT), Blink Charging (NASDAQ:BLNK), Tesla (NASDAQ:TSLA), Lordstown Motors (NASDAQ:RIDE) and Lucid Motors (NYSE:CCIV). As President Joe Biden works to make the United States a global leader in all things electric, these companies all have a chance to grow. Now, they all must continue to deliver and expand their businesses. With that in mind, Lordstown Motors revealed the beta version of its all-electric Endurance pickup, giving RIDE stock another boost.

One thing to watch: Despite the proposed investments in electric vehicles, the chip shortage still looms as a very real problem. Ford (NYSE:F) just announced that it will halt production at several plants. Nio (NYSE:NIO), which similarly halted production, is clinging on to delivery growth with all it has.

Can the Easter Bunny Bring America Some Jobs?

The Bureau of Labor Statistics will share the March jobs report tomorrow morning, and Wall Street is paying close attention.

So where do things stand? In general, economists are expecting the report to show continued signs of recovery, thanks to an ongoing Covid-19 vaccine rollout and easing restrictions. ADP reported yesterday that private-sector businesses added 517,000 new jobs in March. Economists are calling for the report tomorrow to show an increase of 675,000 jobs.

Importantly, the ADP reported showed the largest job growth in six months, and it also showed progress in particularly hard-hit sectors. Mid-sized companies added 188,000 jobs, and small businesses added 174,000. With restrictions easing, restaurants, hotels, theaters and other leisure companies were able to increase hiring in the month of March. As Jeffrey Bartash wrote for MarketWatch, the broad nature of this job growth is promising.

This all does make sense. Vaccines continue to roll out, with states now setting dates for when Covid-19 shots will be open to all residents. The $1.9 trillion American Rescue Plan also gave businesses a boost, and gave many consumers $1,400 to help fuel spending at all types of businesses.

Despite this promising trajectory, there are two things for investors to watch.

The first is that weekly initial jobless claims report brought disappointment to the market. We learned this morning that 719,000 Americans filed for unemployment benefits in the past week. This came in higher than the previous figure, and missed expectations for 675,000 claims. If this trend continues, it could weigh on confidence in pandemic recovery.

The second is that a fourth wave of Covid-19 infections appears to be hitting the U.S. Although public health experts expect this wave will be less deadly due to the number of at-risk individuals who have received their vaccines, it is still concerning. As case numbers rise across the country, any return to business restrictions would deal a blow to recovery in employment.

April Fool’s Day and Astronauts

As Volkswagen proved, April Fool’s Day pranks are not always funny, and that is especially true when they happen before April Fool’s Day.

But what about Dogecoin (CCC:DOGE)? The meme cryptocurrency is off to the races on Thursday, fueled on by tweets from Elon Musk, Slim Jim and a handful of dedicated DOGE accounts. It appears that everything started with a promise by Musk that SpaceX would put a “literal” Dogecoin on the “literal” moon. Although it is April Fool’s Day, Musk is still fueling a rally in DOGE.

Right now it is not clear if it is a prank or a promise, but it really does not matter. Because Dogecoin lives in the world of memes, Musk was still able to create a meaningful move higher in DOGE. As I wrote earlier this morning, crypto bulls are suiting up and are ready for a trip to the moon.

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Sarah Smith is a Web Content Producer with InvestorPlace.com. 


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