US equities closed a tumulus trading week Friday
US equities closed a tumulus trading week Friday on a negative tone after another set of bearish news came out with regard to the completion of the US China trade agreement, that stood as the primary narrative for the market this week.
On top of that, the ongoing Brexit process is taking its tall on EU and UK economies and the overall geopolitical environment is tensed over the Persian Golf crisis.
Worst than expected earnings and outlook from China leading search engine Baido saw its shares take a 17% plunge to back the shares to 2015 prices.
Stellar IPO Pinterest joined with a dismal first Wall Street earnings report that cut more than 12% of valuation and backed the stock to its 3rd day of trading following the amazing IPO.
The shares of Tesla took another punch Friday after analysts came out with a "cash flow warning" for the company, sending the stock down more than 7 dollars in the last 2 hours of trading, to new 2019 lows and to August 2016 valuation, another setback for the company that is struggling to keep its market leading edge alive.
Zoom communications and Beyond meat continue to lead 2019 IPOs performance despite contradicting trends Friday. On the negative side the duo Uber Lyft turned negative again after two green days and are looking at another week of scrutiny from investors.
On the large cup front Boeing got a bust after it released the completion of the 737 max software checkup and Amazon gained after Warren Buffets Berkshire announced a 500k share position in the company.
The dollar was a winner in the FX markets this week, gaining near 2.5% versus the sterling and reversing the attempt for the $1300 Gold. Oil gained more than $1.4 on the Persian Gulf / Venezuela tensions despite record US shell production levels.