Monday’s Headlines: Facebook’s Metaverse Hiring Spree

Monday’s Headlines: Facebook’s Metaverse Hiring Spree

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

StoneCo (STNE) +11.2%

Mastercard (MA) +3.3%

Amazon (AMZN) +3.3%

Tesla Motors (TSLA) +3.0%

TrueCar (TRUE) +3.0%

Moving Down ⬇️

Lemonade (LMND) -3.7%

Trupanion (TRUP) -3.3%

nCino (NCNO) -2.9%

Boston Beer Co. (SAM) -2.6%

DraftKings (DKNG) -2.6%

1. To move forward with its metaverse plans, Facebook (FB ) is planning to create 10,000 additional jobs across the European Union to build out its digital world. The world’s largest social media company said it intends to hire high-skilled engineers in countries across the pond. Facebook’s latest recruitment drive proves to shareholders how dedicated it is to the metaverse, with gaming rivals Microsoft (MSFT) and Roblox (RBLX) also busy creating their own versions of the virtual universes. Strategists say the global metaverse market could be worth $280 billion by 2025, so Facebook investors should watch this virtual space closely. See more here

2. Speaking of lucrative opportunities, Square (SQ) is considering building a Bitcoin mining system. CEO Jack Dorsey said the project would follow a similar approach as its Bitcoin hardware wallet, but building the mining system could be a lot more complicated and as Dorsey points out, “very expensive” too. The move would be new territory for Square, but Dorsey said there is a need for “clean and efficient energy use” to boost the digital coin’s credibility. In Q2, Square generated $55 million in Bitcoin profit, so the financial company could see a nice boost in sales in the near future if the move is successful. With Square shares up over 33% in the last year, we could see the stock skyrocket if it launches the mining system. Read the full story here

3. Ahead of a big week of earnings, U.S. stocks dipped in early morning trading today after coming off a winning week. Last week, the Dow Jones Industrial Average (DIA), the S&P 500 (VOO), and Nasdaq (QQQ) all enjoyed their best weeks in months. Driving bullish sentiment was the better-than-expected earnings from Goldman Sachs (GS) alongside positive economic data, with retail sales up 0.7% in September while economists were expecting a decline of 0.2%. Things are looking good so far for earnings season, with industry leaders Tesla (TSLA), Netflix (NFLX), and Chipotle Mexican Grill (CMG) all set to release their numbers this week. Check out the full story here.