Market update: Stocks have blockbuster quarter

This week in the markets:

  • The S&P 500 is having its best quarter in nearly a decade, increasing more than 12% as of Thursday’s close.
  • Scrutiny from regulators around the merger between Sprint and T-Mobile caused all four top telecommunications companies to tumble on Thursday.
  • The ride-hailing startup Lyft had its initial public offering (IPO) on Friday and expects to raise as much as $2.4 billion from the sale of stock.

The stock market had its best quarter in a decade

As of Thursday, the S&P 500 has increased by 12.3% so far in the first quarter of 2019. That’s the best quarterly gain for the market index in nearly 10 years and the best start of any year since 1998. Analysts predict that the second quarter of 2019 won’t be quite as good due to slower economic growth and continued concerns over trade relations between the US and China. However, investors still expect to see some gains. The S&P 500 has only risen more than 10% in the first quarter of the year four times since 1990. In those years, the market index traded higher for the rest of the year, averaging 10.3% over the remaining quarters.

At Thursday’s close, the S&P 500 was up 0.36%, the Dow Jones Industrial Average (DJIA) also increased 0.36%, and the Nasdaq rose 0.34%. MoneyLion members can see how market movements have impacted their portfolios by going to the Finances tab in the app, and tapping on their MoneyLion Investment Accounts.

Regulatory concerns weigh on telecom stocks

All four major US telecommunications companies saw declines on Thursday following reports of regulatory scrutiny around the $26.5 billion merger deal between Sprint and T-Mobile. Regulators fear that the deal could hinder competition, leading to higher prices for consumers. The two companies argue that they would use their combined powers to better prepare the US for a faster 5G network and increase competition with the other top telecom companies, including AT&T and Verizon. At Thursday’s close, AT&T was down 1.2%, Verizon fell 3%, Sprint tumbled 6.1%, and T-Mobile decreased 4.3%.

Lyft makes its debut on the Nasdaq

Lyft, which is the second biggest ride-hailing service, had its debut on the Nasdaq on Friday at $87.24 per share, more than 20% above the stocks’s IPO price of $72. Lyft expects to raise as much as $2.4 billion through the sale of stock and is the first in a number of big tech IPOs anticipated this year.

And now for your weekly Lionomics wrap-up. 🤓 🤓

Lionomics: Finance made easy

This week in Lionomics, we discussed the types of risks that short-term bonds may help investors avoid and why they might be an ideal investment for commitment-phobes. Find out why.

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