On this episode of Stock Movers:
- Circle Internet Group (CRCL) shares gained this morning after the US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar. The stablecoin vote is the industry’s most tangible return yet on the hundreds of millions of dollars it poured into electing a crypto-friendly Congress. Circle is a stablecoin issuer.
- Peloton (PTON) shares are rebounding after yesterday's tumble. Fitness stocks fell yesterday after a Senate bill omitted the House’s proposed provisions allowing for the use of Health Savings Accounts (HSAs) for certain fitness allowances. Yesterday, Peloton shares slump 11%, Planet Fitness drops 2.2%, and Xponential is down 5.4%. The House’s version of the bill “allows for gym memberships and other physical fitness activities to be paid for with HSAs, up to a limit of $500 per year for individuals and $1,000 per year for families,” KeyBanc analyst Scott Schoenhaus writes in a note.
- Amazon (AMZN) is moving slightly on news that CEO Andy Jassy expects the company's workforce to decline in the next few years as it uses artificial intelligence to handle more tasks. Jassy says the company will need fewer people doing some jobs and more people doing other types of jobs, with AI expected to bring efficiency gains and reduce the total corporate workforce.
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