Launched by popular demand, we’re bringing you a quick recap of key moves in the market this week. We’ll break it down by sector because your portfolio likely looks the same. Here’s a guide to the market if you’re shy about your sector knowledge (that’s the whole world, by the way).
Each week, we’ll report key updates to 11 sectors, citing big company changes, trending news, and important updates.
Here’s this week’s breakdown:
It’s no surprise oil has been dominating market news this week amidst growing concerns of a global coronavirus pandemic. If you’ve been up to date on your Market Recaps, you’ll know the global oil market relies on things like strong global trade outlooks and a generally healthy society that does good things for the economic environment, like travel. Remember, be patient, stay informed and ride this wave with your confident understanding that the markets will bounce back.
Meanwhile, in next-gen energy, Tesla and Panasonic aren’t playing nice. They’re pulling out of a joint deal to produce solar cells in their Buffalo factory. Apparently, Panasonic was paying its share of the production costs in order for Tesla to begin using its solar panels instead of outsourcing from China. With a weak revenue reporting by Tesla Energy in 2019, it seems like Musk will keep his production right where it is, in the hands of much cheaper Chinese labor.
Cosmetic brands Mineral Fusion and STYLEBEEannounced a partnership this week. Mineral, the natural cosmetic line and STYLEBEE, an on-demand beauty app, will share education, trend and color expertise to bring consumers and pros the most cutting-edge clean beauty information and trends.
Some ofthe world’s largest funds are pulling out of coal. Norway’s Norges Bank and France’s NP Paribas Asset Management have sold their shares in companies that mine thermal coal. This is the latest in a series of actions taken by big firms to appease customers’ strong environmental standards.
Jet Blue becomes the hero of the airline industry. The company just announced they will wave ALL change and cancellation fees from now until March 11th due to coronavirus’ halt on travel plans.
Consumer Discretionary (Cons Disc)
The world’s largest ad agency, WPP reported a steam drop in fourth-quarter sales, resulting in their lowest stock price since 2012. What’s the give? Like others in their field, WPP is now competing with consultants and tech companies looking for their own piece of the market. Think Google & Facebook’s push to use your data to help small businesses target more effectively.
Ready to ride in serious style? The UK’s premium ride-hailingservice, Wheely, is fundraising to enter into U.S. and Asian markets.
Consumer Staples (Cons Stpl)
Lowe’s has a brand new look. Their new website is designed to help the company “catch up,” to the modern-day consumer. You’ll soon see those same Amazon features you love (like one-click checkout) on this retail giant’s homepage.
As you now for sure know, every sector’s being hit by the coronavirus. One industry that’s really feeling the heat at a time when there’s lots of uncertainly already surrounding its future — the technology behind the sharing economy. Stocks like uber are dropping it too low because, well, would you want to get into a closed area with a human you don’t know during a pandemic? Right. Neither would millions of others.
And at the same time, food delivery services like Door Dash are holding strong as consumers keep to their apartments and order in for sustenance. Hint: Door Dash just filed for IPO.
Mobile gaming is under pressureas Apple has set a deadline to comply with China’s new mobile gaming laws. The regulations require game makers wishing to have in -app purchases or charge for their content to get licensed from a unit of the country’s censors.
The push for 5G could be coming to a hault amidst worries of coronavirus. The network rollout was already behind schedule, but analysts except things to get worse, maybe much worse, before they get better.
Finally– some good news! Pending home sales jumped way more than was expected in January. Sales climbed up to 5.2% (and were projected to increase 2%) in the first month of 2020.
This also means that online mortgage applications surged. There are now over 11 million borrowers accessing interest around 3.6% and nearly half of the demand is being met by online mortgage applications.