This week in the markets
- Amazon announced that this year’s Prime Day was “the biggest in history,” with Prime members buying more than 100 million products during the 36-hour event.
- President Trump bumped heads with the Fed for raising interest rates, saying he’s “not happy” and suggesting they may be working against his economic program.
- Second-quarter corporate earnings reports contributed to a five-day high for the Dow Jones Industrial Average (DJIA) at Wednesday’s close.
Amazon had its biggest Prime Day ever 📦
On Wednesday, Amazon announced having its biggest Prime Day ever. It had more signups on July 16 than on any previous day in the company's history, and members purchased over 100 million products. After Wednesday’s announcement, Amazon’s (AMZN) market value crossed the $900 billion mark for the first time. Amazon is closing in on Apple in the race to be the first $1 trillion company. Could the Seattle-based giant get any bigger?
Amazon has yet to report this year's sales growth, but last year it reported more than 60 percent growth during the event, surpassing its own black friday and cyber monday numbers combined. Big sellers on Prime Day in the U.S. included the Fire TV Stick, Echo Show, and LifeStraw personal water filtration system. We know a lot of you like to redeem your points for Amazon gift cards, and we hope you scored some deals during the 36-hour Prime Day sale.
Trump announces he’s “not happy” with the Fed’s interest rate hike 😔
President Trump wasn’t thrilled about the Federal Reserve raising interest rates last month and accused the United States central bank of working against his administration's economic program. His remarks didn’t appear to move the markets very much, but the dollar did weaken slightly. Traditionally, presidents don’t comment on the Federal Reserve, because it is designed to conduct policy independent of all political concerns.
Corporate earnings caused a five-day high for the Dow Jones 🎉
It’s the end of the second quarter of the year, and that means corporate earnings reports are being released. The DJIA seemed to catch wind of the news, as it had a five-day high as of Wednesday’s close. It was the longest consecutive win for the index in two months.
Consecutive wins like this can be good for your MoneyLion Plus investment accounts. Remember, we invest your money in a diversified portfolio of low-cost ETFs made up of both U.S. and international stocks and bonds.
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Did you miss last week's market update? Check it out. Market update: Tech rally causes record high.
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