Happy Monday Scoopers,
Here are the most important events that created the market’s crazy ride last week:
We started last week with the overall market dipping in response to trade worries. Notably, the trade worries brought down most Chinese stocks a few percentages. Read more here.
The worries continued on Tuesday. The Bureau of Labor Statistics announced the latest reading of the Producer Price Index (PPI). September’s PPI reading was lower than expected, and that was the primary reason why the stock market ended in the red on Tuesday. Read more here.
After a 2-day falling streak, all of us were ready for some good news. And, the stock market didn’t disappoint. The news came out that China is planning to buy more American agricultural products. There was also news about China’s willingness to accept a partial trade deal if the U.S. does not go ahead with the additional round of tariffs. All such good news brought some life to the market on Wednesday. Read more here.
The green arrows stayed in the stock market for another day. The excitement came after a tweet by President Trump. It appears that the first day of the trade discussions between the U.S. and China went to the liking of the President. Read more here.
Finally, on Friday, the stock market finished on the high notes. Positive remarks by the officials from China and the U.S. gave investors some hope about the future, and people kissed the stock market goodbye for the weekend, full of love and hope for a better next week. Read more here.
Beyond the overall market, Facebook’s Libra continued to fall out of favor. Four more partner companies announced their departure from the associations.
More information is available in the “Overall Market” and “Water Cooler” sections. Scroll down to read.
- U.S. markets: All three major indices continued to move upward, and finished Friday at least 1% higher than where they started it. Scroll to the “Overall Market” section to learn more.
- Cryptocurrency: Early last week, we saw Bitcoin’s price dipping below the $8,000 mark. Analysts expected the prices to decline further. However, the price has recovered since then, and it is hovering in the mid $8,000 range. The fate of cryptocurrencies is not yet clear. One thing for sure, taking over the world with cryptocurrencies is proving to be harder than it was once assumed. Scroll down to the “Water Cooler” section to read about the fate of Libra, Facebook’s cryptocurrency.
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High on trade hopes
What happened last week?
The 5-day return of the stock market almost reached 1%. All three indices recovered from the early dip and ended the week higher than where it started it.
What does this mean?
Going by the previously set schedule, this week, the U.S. is expected to add a new set of tariffs on a portion of the Chinese imports. Judging based on the positive news coming late last week, there is a chance that the tariffs do not go through.
Remember that the positive sentiment could easily turn into the negative vibe, only if the expected tariffs go as planned.
Oh, and by the way, a trade deal may mean no interest rate cut at the end of October. And, the sentiments could reverse from positive to negative in a flash of a second.
Netflix finally got a break.
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Libra is becoming a dream of the past.
So, what happened?
As Libra went under the microscope of the governments from all around the world, some of the earlier corporate supporters started to get cold feet. Last week, PayPal (Ticker: PYPL) officially separated its path from Libra. On Friday, eBay (Ticker: EBAY), Visa (Ticker: V). , and Mastercard (Ticker: MA) pulled their support until further regulatory clarity becomes apparent. Here’s the head of Libra at the Facebook address the news:
As we discussed last week, the future of Libra is questionable, at best. It is now apparent that creating a new widespread currency without the involvement of governments is far from reality. Even technology can’t disrupt the reign of the governments over societies that easy.