What's moving markets today: April 17, 2019
Casper's chief executive has high hopes for the IPO market — despite a so-so debut from Lyft earlier this month.
Lyft, which became the first so-called Unicorn to go public this year, could have been a "one-off," CEO Philip Krim told CNN Business' Julia Chatterley during the "Markets Now" live show, and there's still plenty to look forward to.
Krim said he'll keep an eye out for other big-name IPOs from companies like Uber.
Reuters reported recently that Casper is mulling a public listing of its own, but Krim declined to confirm the rumors.
Half-way through the trading session, stocks edged lower.
UnitedHealth (UNH) was the biggest loser in the Dow and dropped more than 4%, as healthcare stocks continue to suffer on worries about how the politics of healthcare could change the industry.
IBM (IBM), which reported a drop in revenues before the bell, was dragged down nearly 3%.
In the S&P, BNY Mellon (BK) is faring the worst, falling almost 10% on the back of weaker-than-expected first quarter results.
Health care companies couldn't catch a break today and added on to their previous losses.
The industry-wide selloff came on the back of comments from UnitedHealth CEO David Wichmann saying "Medicare for all" proposals could "destabilize the nation's health system".
The monthly trade deficit fell by 3.4% to $49.4 billion in February, hitting its lowest level in eight months, according to data released Wednesday by the Census Bureau.
For the second month in a row, the trade deficit with China also narrowed as the United States continues to negotiate a trade deal with Beijing.
Exports to China increased by $1.6 billion and imports fell by $1.5 billion.
Last year, President Donald Trump imposed tariffs on $250 billion of Chinese goods, in an effort to pressure Beijing to come to the negotiating table, but saw the trade deficit climb as importers scrambled to stockpile goods ahead of further threatened tariffs.
US stocks started the session mixed. China's GDP report for the first quarter was better than expected but still failed to incite a rally in risk-sensitive assets like stocks.
BNY Mellon (BK) dropped 8% following first quarter earnings that failed to meet estimates before the bell.
I sound like a broken record. Here's why:
- US stocks feel resilient amid the crush of earnings and a summit to record highs appears inevitable.
- The Dow is fewer than 400 points away from a high, plodding forward with small, steady gains.
Individual stocks are the story, based on earnings results, but two recent macro comments from top CEOs stand out:
Certainly, there are bigger picture worries about President Trump’s criticism of the Fed and his choices for vacant positions on the Board of Governors.
Tensions are flaring between the US and the EU over Airbus and Boeing subsidies and the trade deal between the US and China is still not finished.
But for now, the path of least resistance, appears higher.