Stock market

The big picture

Tesla mania vs. economic reality

Evidence that the stock market and the real economy are not the same thing.

Dec 22, 2020 - Economy & Business
Big businesses' corporate paradise may be coming to an end

If Trump's presidency is about to end, an unprecedented golden era for big businesses could end with it.

Nov 6, 2020 - Economy & Business
The fall of an empire

All major oil companies are facing trouble. But Exxon has fallen the farthest, making the biggest bets on oil and gas — and the smallest bets on renewable energy.

Nov 1, 2020 - Economy & Business
Investors say ignore the coronavirus pandemic and buy stocks

Bullish fund managers are starting to lay down bets that it will be this way for a while.

Jul 9, 2020 - Economy & Business
Markets swell as the economy shrinks

The disconnect shows how the coronavirus has thrown all bets off.

Jul 3, 2020 - Economy & Business
A look at Robinhood traders' favorite stocks

The list is heavily filled by speculative bets like cruise operators and airlines.

Jun 18, 2020 - Economy & Business

All Stock market stories

SEC chair says agency desperately needs more employees

Data: United States Office of Personnel Management; 2021 figure per CNBC interview; Chart: Axios Visuals

No official has been more publicly outspoken recently about regulator staffing shortages than SEC chair Gary Gensler. Complaints of this sort date back to at least 2009.

What they're saying: “We’ve got an IPO boom, we have a SPAC boom, we have cryptocurrencies to deal with ... [and] China," Gensler told CNBC last week.

Federal Reserve will soon ease pandemic-era support

Fed Chair Jerome Powell during a congressional hearing last year. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Federal Reserve hinted Wednesday its full throttle of economic support could start to ease as soon as November (its next policy meeting).

Why it matters: It would be the start of a pivot for the Fed, which unleashed unprecedented measures when the pandemic hit to help rescue the U.S. economy.

Dan Primack, author of Pro Rata
Sep 22, 2021 - Economy & Business

Toast prices IPO at $40 per share, above ranges

Illustration: Aïda Amer/Axios

Toast, a Boston-based restaurant management platform, raised $870 million in an IPO that values the company at nearly $20 billion. It priced at $40 per share, which was above its original and upwardly-revised ranges, and will list on the NYSE (TOST).

Why it matters: This is whiplash success story. Toast was valued by VCs at $5 billion heading into the pandemic, but in April 2020 laid off nearly half of its employees and furloughed another 12%.

SPAC sweeteners are on the rise

Expand chart
Data: SPAC Research; Chart: Axios Visuals

One byproduct of weakened demand for SPAC IPOs has been an uptick in sponsors getting anchor investors for their public offerings, often by offering them more favorable terms such as founder shares.

What’s happening: The trend continues. So far in September, anchor commitments represent more than half of all SPAC capital raised, per data from SPAC Research.

Wall Street's wobble disrupts record stock market boom

People walk by the New York Stock Exchange earlier this month. Photo: Spencer Platt/Getty Images

Monday interrupted a stretch of calm amid the historic stock market boom underway since March 2020.

Driving the news: Jitters were apparent nearly everywhere.

Dan Primack, author of Pro Rata
Sep 17, 2021 - Economy & Business

Philip Morris wins control of inhaler maker Vectura

Illustration: Aïda Amer/Axios

Philip Morris International (NYSE: PM) won a shareholder vote to take control of British asthma inhaler maker Vectura Group (LSE: VEC) for £1.1 billion ($1.5 billion), having previously outbid The Carlyle Group.

  • Why it matters: The world's largest maker of cigarettes, a major contributor to respiratory disease, will now make products that treat respiratory disease. Some health advocates have asked Britain's competition authority to intervene, asking it to consider what they refer to as "monopolies of harm."

IPO for shoemaker On a sign of growing demand for athleisure products

Runners in front of the New York Stock Exchange this week. Photo: on-running.com

Investors rushed to buy shares this week of running shoes company On in its stock market debut, amid new signs that consumer spending remains resilient.

Why it matters: Apparel sales rebounded earlier this year as the economy reopened — and buying athletic apparel, especially sneakers, is one pandemic habit that’s not dying out.

A scary, but normal market phenomenon

Illustration: Rae Cook/Axios

The S&P 500 is just below its record high. But most stocks in the index are actually down significantly, which has some concerned.

Why it matters: This implies that the gains driving the market index to record highs are not evenly distributed. But, it’s also not an unusual dynamic in the S&P’s recent history.

Game of tickers: The heated race to reserve unique stock symbols

Illustration: Aïda Amer/Axios

Here’s a side effect of the going public boom: a heated race to reserve the hottest unique identifier, the ticker symbol.

Why it matters: The insignias companies are choosing to trade under is a reflection of our time — increasingly they want to go list with snappy symbols that catch the eye of a new generation of traders.

Wall Street's sneak preview of 2022

Illustration: Aïda Amer/Axios

Wall Street’s top stock market forecasters are already telling clients what to expect in the stock market in 2022.

Why it matters: The stock market, as measured by the S&P 500, is up an impressive 20% since the beginning of the year. It’s more than doubled from its March 2020 low.

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