This week in the markets
- The US and China met this week to attempt to put an end to the trade war, which started nearly a year ago.
- Wednesday, the markets appeared optimistic about potentially seeing a US-China trade deal. All three major market indexes traded near all-time highs.
- Thursday, Tesla’s stock plummeted amid poor first-quarter earnings, and an ongoing battle between the car company’s CEO and the Securities and Exchange Commission (SEC).
The US and China push for an end to the trade war
Chinese delegates met with US officials Wednesday and Thursday as the two sides tried to strike an agreement and end a potentially devastating trade conflict. The US and China have imposed tariffs on billions of dollars worth of goods over the past year, battering financial markets and negatively impacting business and consumer sentiment. Although the nations purportedly moved closer to a trade deal this week, some details still need to be agreed upon before they can push for a final trade summit between President Donald Trump and Chinese President Xi Jinping. Keep your fingers crossed. ?
New market highs could be near
Wall Street appears to be optimistic about an end to the trade war as it edges closer to setting new market highs. In fact, this week all three major market indexes traded 3% or less away from their respective all-time highs. At Thursday’s close, the S&P 500 was up 0.21%, which was its first six-day winning streak since February of 2018. The Dow Jones Industrial Average (DJIA) was also up 0.64%. Bravo! ?
Tesla stock down on poor first-quarter earnings
Tesla stock was down 9% after the company announced that its production and delivery numbers for the first quarter of 2019 had fallen short of shareholders’ expectations. Deliveries were down more than 30% compared to deliveries in the fourth-quarter of 2018. Tesla’s CEO, Elon Musk, also appeared in federal court this week as he continues his battle against the SEC due to a series of tweets that the SEC claims were misleading and deceptive. The two parties have agreed to attempt to come to an agreement on their own within two weeks, and then report back to the judge on their progress.
And now for your weekly Lionomics wrap-up. ?
Lionomics: Finance made easy
This week in Lionomics, we discussed the important role women play within the wealth management industry, and how some research suggests that women, on average, may make better investors. Learn which qualities you can imitate to make better investment decisions as well. ?
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