10 May 2019

1) Uber raised $8.1 billion in it’s IPO (Initial Public Offering), which was priced near the bottom of the range. Uber sold 180 million shares at $45 each, making its listing among the 10 largest U.S. IPOs. This gives Uber a market value of $75.5 billion dollars, however Uber is deeply unprofitable with $3.04 billion dollars in losses last year.

2) Traders wait to see if President Trump hikes tariffs today. U.S. equity futures were little changed this Thursday while traders wait for the midnight deadline when tariffs are scheduled to take effect. These tariffs will be imposed on $200 billion dollars worth of Chinese goods. Fears are that market reaction will be severe, which either way the tariffs goes.

3) The U.S. trade deficient has widened to $50 billion dollars in March, up 1.5% from February. Economists had anticipated the U.S. trade deficit to fall, but much of the increase came from higher crude imports.

4) 9 MAY 19 Stock market closings:

Dow              25,828.36    down    138.97
Nasdaq           7,910.59    down      32.73
S&P 500          2,870.72    down        8.70

10 Year Yield:    down   at    2.46%

Oil:    down   at    $61.68

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