This week has been all about trade talks between the US and China. Rumors, tweets and headlines have caused the algo driven market to go a bit wild. Futures tanked on Wednesday after a report China might cut the talks short and leave a day early. Futures rebounded not long after and the market kept gaining on trade optimism.
President Trump said via
The news fueled an all day long market rally. Looks like bulls get lobster for dinner and the bears will be eating ramen noodles this weekend.
Apple Stock Hits All-Time High
If the US and China complete a trade resolution, Apple ($AAPL) could possibly avoid tax on Chinese imports. This news and reports of strong iPhone 11 sales helped push the stock to new highs. The stocks previous high was $233.47 back in October 2018. Today it reached $237.10.
The Jamaican Stock Exchange Is Kicking Ass Mon!
Jamaica’s stock exchange is the best performing exchange in the world over the past 12 months. Unemployment has reached a record low. And last month the Standard and Poor Ratings Agency (S&P) upgraded the country’s credit rating. The country agreed to a $2b International Monetary Fund program back in May of 2013. Jamaica adhered to the terms of the program which greatly helped strengthen the economy.
Lights out at PG&E
The utility company left thousands of Californians in the dark this week with its planned shutdown. The company planned the power cuts as a precaution to hopefully prevent its power lines from sparking wildfires.
PG&E stock ($PCG) has been extra volatile this week as well. The judge overseeing the company’s bankruptcy cleared the way for a rival bankruptcy plan. This will potentially leave shareholders with less than what was envisioned in the previous plan. The stock dropped as much as 29%.
Wall Street Weekly Performance
S&P 500 $SPY +0.65%.
NASDAQ $QQQ +1.20%
Emerging Markets $EEM +1.86%
Long Term Treasuries $TLT -3.80%
This Week’s Top Gainers
Synthesis Energy $SES +220.12%
RA Pharmaceuticals $RARX +92.55%
Nordic American Tanker $NAT +48.03%
This Week’s Top Losers
Hexo Corp $HEXO -37.68%
Forescout Technologies $FSCT -36.19%
MEME of the Week
What Else is Happening
- Chinese state television is suspending broadcast of the NBA’s pre-season games after Houston Rockets General Manager Daryl Morey’s tweet that supported protestors in Hong Kong.
- Crude oil rises 2% after reports of an Iranian oil tanker attack.
- Vaping illnesses continue to rise, with cases reaching 1,300 and health officials are unsure of the cause.
- Google ($GOOG) purchased a 40
–acre plot of land and intends on turning it into a tree nursery.
- Walmart ($WMT) announced a shift in management on Thursday. Former CEO Greg Foran is getting replaced with the head of Sam’s Club, John Furner.
- The strike between General Motors ($GM) and the UAW is set to continue into the weekend. Both sides are causing each other for slowing down negotiations.
- Target ($TGT) strikes a partnership with Disney ($DIS) new Disney stores will begin opening inside Target locations. Target also partnered up with Toys R us, helping the formally bankrupt company sell toys online.