Market update: Two indexes hit all-time highs

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This week in the markets

  • The S&P 500 and the Nasdaq both hit record highs on Tuesday!
  • On Wednesday, Microsoft and Facebook both reported positive earnings, causing an increase in their stock prices during after-hours trading.
  • Kohl’s announced it will now accept Amazon returns, which helped boost its stock price 12%.

S&P 500 and Nasdaq hit record highs

Two major market indexes celebrated reaching all-time highs this week! ? At Tuesday’s close, the S&P 500 increased 0.9% to 2,933.68, and the Nasdaq rose 1.3% to 8,120.82. However, the celebration was short lived, as both indexes slipped at Wednesday’s close — the Nasdaq decreased 0.23%, and the S&P 500 fell 0.22%. What caused the slight drop? The energy and communication sectors both seemed to underperform. For example, the mining equipment company Caterpillar reported a potential slowdown in its Chinese business, and AT&T had disappointing first-quarter revenue numbers.

Facebook and Microsoft both report positive earnings

Conversely, many other companies reported positive earnings this week. On Wednesday, Microsoft reported quarterly earnings that beat most analysts’ expectations, causing its stock to increase more than 3% in after-hours trading and pushing its market cap over $1 trillion. Woohoo!

Facebook also exceeded revenue expectations. Despite also reporting that it would pay a hefty fine of $3 billion in connection with the Federal Trade Commission (FTC) investigation, the social media giant’s stock increased 9% in after-hours trading on Wednesday. Both companies are in the top five holdings within the Vanguard Total Stock Market ETF (VTI) in which many MoneyLion members are invested (as of 4/24/2019).

Kohl’s will now accept Amazon returns

Starting this summer, you’ll be able to return those late-night impulse purchases from Amazon to your neighborhood Kohl’s. Beginning in July, all Kohl’s locations will ship back your unwanted purchases for you — even without the packaging. Kohl’s hopes this effort will lure more customers into its stores. The announcement seemed to cause enthusiasm from investors, as Kohl’s stock price climbed 12% at Tuesday’s close.

And now for your weekly Lionomics wrap-up. ?

Lionomics: Finance made easy

This week in Lionomics, we discussed the pros and cons of diversifying globally. When it comes to investing, is there really no place like home? Find out now. #Lionomics. ?

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