This week in the markets
- Midday Thursday, the Dow Jones Industrial Average (DJIA) fell 450 points, possibly due to US-China trade jitters.
- Uber made its debut on the New York Stock Exchange this week at $45 per share.
- Shares of plant-based company Beyond Meats Inc. soared 13% on Tuesday, which brings its post-IPO gain to 240%.
The Dow took a 450-point dive
The Dow took a 450-point dive on Tuesday, recovered a bit, and dove again during trading on Thursday due to US-China trade fears. Negotiators from both countries met on Thursday in an effort to avert a scheduled increase in US tariffs on $200 billion in Chinese products due to take effect on Friday morning. At Thursday’s close, the DJIA fell 0.5%, the Nasdaq lost 0.4%, and the S&P 500 decreased 0.3%.
Market volatility from big headlines like US-China trade talks can cause investors to feel uncertainty and have an impact on stocks and bonds in the short-term — this is normal. As a MoneyLion investor, rest assured your portfolio is diversified amongst a variety of investments to help cushion against short-term volatility. It’s important to stay focused on your long-term goals and take market volatility in stride. You’ve got this! 💪
Uber drivers go on strike ahead of IPO
Uber is celebrating today (Friday, May 10, 2019), as it made its debut on the New York Stock Exchange. 🎉 The company set its initial public offering (IPO) at $45 per share. This means that Uber has an implied market valuation of $82.4 billion, making it one of the largest IPOs of all time. Whoa! Originally Uber was seeking a valuation of $120 billion.
However, this week hasn’t been all sunshine and rainbows for the ride-hailing pioneer. On Wednesday, Uber (and Lyft) drivers from major cities across the US took to the streets to protest drivers’ wages. It seems that Uber has been squeezing drivers’ earnings ahead of its IPO. Now that the company has gone public, pressures to earn profits will likely intensify, potentially lowering drivers' wages even further and causing company-worker relations to worsen.
Plant-based company Beyond Meats up 13%
On Tuesday, shares of plant-based meat manufacturer Beyond Meats soared 13%. The company went public just last week and has since seen a 240% increase in its share price. Currently, the Beyond Burger is sold at Whole Foods and restaurant chain TGIF, among others. Who knew this vegan thing was so popular? The CEO Ethan Brown says his goal is to make traditional protein from animals obsolete. Good luck!
And now for your weekly Lionomics wrap-up. 🤓
Lionomics: Finance made easy
This week in Lionomics, we discussed the 11 key sectors of the economy. Find out how they impact your portfolio now. 👉
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