Crypto took over Capitol Hill as a topic of debate, thanks to the Senate Banking Committee. "Pandemic plays" are also starting to slow to a grinding halt. So what did the stock market do today?

• The S&P 500 closed down 0.47%

• The Dow Jones Industrial Average closed down 0.24%

• The Nasdaq Composite closed down 1.21%

So what else did the stock market do today? Here are some of the top stories.

What Did the Stock Market Do Today? Crypto Was a Topic of Debate.

It's been less than a day since $Amazon.Com Inc(AMZN.US)$ rumors propelled cryptocurrency values with ferocity. However, much of that progress is already being undone. Not only did Amazon deny any claims that they were implementing crypto payments, but the U.S. government broke out in debate among itself over crypto, fueling some bearish attitudes.

The Senate Banking Committee brought forth a slew of inquiries about crypto, and many of its members took to heavy criticizing of digital currencies, including Bitcoin in particular. Senators Sherrod Brown and Elizabeth Warren were among the most critical on Capitol Hill this morning. The pair of lawmakers are taking to criticize the asset class as a hideaway for criminals for money laundering and fraud.

Particularly, Warren went after the "decentralized" talking point, which many crypto bulls point to as a plus that comes with digital currency:

"Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy faceless group of super coders and miners, which doesn't sound better to me."

Meanwhile, cryptocurrency figures are moving fast to try and present themselves in a new light to lawmakers. In fact, just this afternoon, Binance CEO Changpeng Zhao made an Earth-shaking announcement. The CEO of the largest crypto exchange in the world is saying he is prepared to step down from his position in order to make his exchange more appealing to regulators and lawmakers.

"Pandemic Peaks" Begin to Flatten

Today's news is laying bare the realities of returning back to "normalcy" for some companies. As economic reopening continues to uplift the retail and restaurant industries, it is proving to be the heel for others. The pandemic peaks that these companies have been capitalizing on for over a year now are beginning to finally wear thin.

We didn't foresee many of these companies' pandemic booms. $Zoom Video Communications Inc(ZM.US)$ wound up being the dark horse of the whole thing, completely revolutionizing, and in fact saving, work-from-home life. But other companies netted great profits as well, like non-perishable food giant $Campbell Soup Co(CPB.US)$.

Now though, these companies' boosts are winding down. Campbell Soup reported a 21% drop in sales, $United Parcel Service Inc(UPS.US)$ slowed on package shipments and $3M Company(MMM.US)$ is not churning out N95 masks like it was at the frenzied onset of the virus.

If there's any solace in this news for investors, it's that we're evidently coming closer and closer to the point of pre-pandemic normalcy. Yet also, we must reckon with companies' bottom lines taking great blows from the transitional period, which will likely worsen as holders begin to sell-off their unorthodox cyclical plays.

The next step? We must wait and watch to see how these companies respond to the change. It's highly unlikely that these companies will all revolutionize their business models in order to stay relevant in the reopening world. Yet, there are some clear winners who are beginning to establish themselves. For example, Zoom is taking pains to establish itself as a useful tool even in a back-to-the-office world. Their recent acquisition of Five9 will help them build out their customer service platform, per a press release. And, it establishes the brand as a true innovator in their space, which will resonate with investors.

What Else We're Watching

• The Olympics are wearing on, and the differences from the usual Games are wearing athletes out. Gymnastics superstar Simone Biles is the latest athlete to withdraw from competition, citing a mental struggle to continue.

• Tech stock earnings are beginning to trickle in, and investors are predictably happy with what they’re seeing so far out of companies like $Alphabet Inc-CL A(GOOGL.US)$ and $Apple Inc(AAPL.US)$.