×
Get Paid Early
You could win $5,000!
Enter daily for more chances to win. Sweepstakes end November 10th, 2024. New Users Only.
Enter Sweepstakes Get Paid Early

Market update: Turkey takes center stage

Written by

This week in the markets

  • Turkey’s currency crisis and continued trade tensions pushed markets down this week.
  • Coca-Cola attempted to compete with PepsiCo’s Gatorade by investing in BodyArmor, a startup that promises a healthier alternative to traditional sports drinks.
  • Investors have filed class-action lawsuits against Tesla arguing that Elon Musk’s tweets last week violated federal securities laws and were both false and misleading.
  • Beer and spirits maker Constellation Brands invested $4 billion in Canopy Growth, which specializes in cannabis-infused beverages and sleep aids.

The lowdown on the Turkey crisis

The Turkey crisis was fueled by Twitter (like all drama) when President Trump announced he would be doubling steel and aluminium tariffs on Turkey in an effort to provoke the release of American Evangelical Pastor Andrew Brunson, who is being held on terrorism charges. In retaliation, the Turkish government responded by doubling tariffs on some US imports, including cars, alcohol, and tobacco. Turkey’s existing high debt levels combined with the latest drama caused Turkish currency to drop to a record low of 7.24 against the US dollar and inflation reached 15.6% midweek. Trade concerns have also caused stock prices to fall slightly among emerging and European markets.

Coca-Cola competes with PepsiCo on the field

Coca-Cola has become the second largest shareholder of BodyArmor, a sports drink startup that promises a healthier option to traditional sports drinks, and could be a strong competitor against PepsiCo’s Gatorade. In the past, Coke has taken a minority stake in young companies before purchasing them outright, and BodyArmor may be its next big brand.

Musk’s tweets continue to bring negative attention

Investors have filed class-action lawsuits against Tesla after CEO Elon Musk’s revealing tweets last week. His tweets stated that he had lined up financing to take Tesla private. The plaintiffs argued that the tweets were false and misleading since Musk did not actually have financing. The Securities and Exchange Commission (SEC) has also reportedly served Tesla with a subpoena to inquire further into Musk’s financing claims.

Constellation Brands invests in cannabis

Constellation Brands (Owner of Corona and other beverages) has invested $4 billion in Canopy Growth, a company that specializes in cannabis-infused drinks. Don’t get too excited, because Constellation Brands is waiting until legalization happens across the nation before it sells a cannabis-infused drink in the states. You may, however, see a green drink on Canadian shelves as early as next year. Canopy Growth’s stock price also got high (no pun intended), increasing nearly 30% after the announcement on Wednesday.

And now for your weekly ==Lionomics== wrap-up ?

Lionomics: Finance made easy

This week we looked at the benefits of ==staying calm== in the face of investment risk, as returns ==tend to increase with time. We also talked about how your **liquidity needs**== affect your investment choices. While cash is the most liquid investment choice, certain stocks, bonds, and exchange-traded funds (ETFs) can also be liquid, as many are easy to sell quickly. Lastly, we talked about ==income and growth portfolios== and how a balance of both could be ideal for an individual’s investment needs. A little growth plus a little income, perhaps from dividend stocks, sounds juuuust right.

Get a piece of the action with MoneyLion Plus

Interested in the stock market but not sure how to get in on the action? Start out small with a managed investment account and step-by-step guidance from MoneyLion Plus. Membership also gives you anytime access to 5.99% APR loans and $1/day chashback.* Learn more in the ==MoneyLion app== or at ==moneylion.com/plus==.

Did you miss last weeks market update? Check it out. ==Market update: NYC curbs Uber, and Musk moves the market==

MoneyLion Plus membership required. View full terms and conditions ==here==.

*Not FDIC Insured or Bank Guaranteed * May Lose Value. The managed investment account is subject to risks, including but not limited to the loss of principal. Not bank or FDIC insured. This advertisement should not be construed as a recommendation regarding the suitability of purchasing a particular security or securities in general.

Sign Up
Sign Up
Sign Up
×

Join our newsletter

Sign up today and get our free investment guide. Learn how to invest today.