Cheques In The Mail
By Wed, Apr 15, 2020
Hey Scoopers,
The stock market rallied thanks to the promise of “cheques in the mail.” – more on that in the “Overall Market” section.
Beyond the overall market, it looks like investors are partying for no apparent reason, while the first of many expected earnings misses have been announced by one of the most prominent U.S. banks. – more on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, we had no idea how savvy Scoopers are and how well they are dealing with the COVID-19 crash. And, we are still curious to know what you have done during the COVID-19 crash. — more on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: All three indices finished Tuesday in the green. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price didn’t budge too much compared to Monday and stayed near the $6,800 mark.
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Cheques In The Mail
All three indices rallied upward as Treasury Secretary Steven Mnuchin announced that the stimulus cheques are in the mail, and more than 80 million Americans will soon have more money in their bank accounts. Another good news came through that the airlines have accepted the stimulus package the government has been offering, and the terms are quite reasonable. Lastly, hope has emerged that the economy will start going back to normal starting from May 1st, and those reasons were enough for the market to send the indices into the green zone.
Let’s Party For No Reason.
So, what happened?
Shares of Stitch Fix (Ticker: SFIX) were surprisingly up more than 10% on Tuesday. The company’s stock has been hammered due to the COVID-19 sell-off. However, on Tuesday, the stock got a boost for no apparent reasons rather than the overall excitement about the possible rapid recovery in the economy.
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The First Of Many Earnings Misses.
So, what happened?
Shares of JPMorgan Chase (Ticker: JPM) fell nearly 3% on Tuesday. The company announced its latest quarterly earnings after hours on April 14th. While one of the most prominent banks in the U.S. managed to grow its revenue, earnings were quite lower than analysts’ expectations, and the stock paid the price. The impact of COVID-19 on the company’s earnings has just started to surface. The more negative news is expected in the days to come as earnings reports pouring in.
Scoopers Are A Savvy Bunch.
So what happened here?
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About the Author
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
