Stock market

The big picture

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
Markets swell as the economy shrinks

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

Jul 3, 2020
A look at Robinhood traders' favorite stocks

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

Jun 18, 2020
The coronavirus-driven gold rush

Millennials and Gen Zers are opening online brokerage accounts at a record pace.

May 6, 2020

All Stock market stories

A soaring Nasdaq is just one slice of the buy-anything market

Illustration: Aïda Amer/Axios

The Nasdaq closed above 11,000 for the first time on Thursday, ending the session higher for the seventh time in a row and eighth session in nine. It has gained nearly 10% since July 1.

Why it matters: It's not just tech stocks that have rallied recently. Just about every asset class has jumped in the third quarter, including many that typically have negative or inverse correlations to each other.

Online mortgage lender Rocket Companies sees a staggering IPO flop

Illustration: Aïda Amer/Axios

Rocket Companies, a Detroit-based mortgage lender operating under the Rocket Mortgage and Quicken Loans brands, raised $1.8 billion in an IPO that had been expected to raise upward of $3.3 billion.

Why it matters: This was a stunning flop, or at least so far as any $1.3 billion IPO can be deemed a flop. Not only because it came amidst a broad-based IPO surge, but also because it followed the IPO overperformance from insurance upstart Lemonade.

Apple's market value has risen by nearly $1 trillion since September

Data: FactSet; Chart: Naema Ahmed/Axios

Apple's market cap is screeching toward $2 trillion, less than a year after rising above the $1 trillion mark again in September 2019.

What happened: The company first gained 13-figure status in early August 2018 but saw its valuation sink to a mere $709 billion following the market downturn of late 2018.

Electric vehicle startup Nikola claims progress but stock plunges

Illustration: Aïda Amer/Axios

Nikola Corp., a company planning to build electric and hydrogen fuel-cell trucks, posted an $86.6 million quarterly net loss Tuesday in what was its first earnings report after going public in June.

Why it matters: Nikola is attracting lots of attention for plans to build a line of semi-trucks, as well as a pickup, in the coming years as it tries to break through in those fledgling markets.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

Electric vehicle startup Lordstown Motors going public via SPAC deal

Illustration: Eniola Odetunde/Axios

Lordstown Motors is about to become the latest electric vehicle startup to go public via purchase by a special purpose acquisition company (SPAC), the transaction structure that's fast becoming an alternative to IPOs.

The state of play: Lordstown, which plans to build a pickup truck at a former GM plant in Ohio, on Monday announced a merger agreement with DiamondPeak Holdings. The deal will provide $675 million in proceeds to help fund production of the Endurance, a model Lordstown hopes to launch in 2021 aimed largely at the commercial fleet market.

Virtual school is another setback for struggling retail industry

Illustration: Annelise Capossela/Axios

A virtual school year will likely push retailers even closer to the brink.

Why it matters: Back-to-school season is the second-biggest revenue generating period for the retail sector, after the holidays. But retailers say typical shopping sprees will be smaller with students learning at home — another setback for their industry, which has seen a slew of store closures and bankruptcy filings since the pandemic hit.

The pandemic's IPO boom might not last long

Illustration: Sarah Grillo/Axios

The IPO market has boomed during the pandemic era, both for real companies and shell companies, reflecting the broader decoupling of the equity economy and real economy.

Reality check: Things could soon change. And fast.

Jul 31, 2020 - Technology

Big Tech's take grows as economy tanks

Illustration: Sarah Grillo/Axios

While the rest of the U.S. economy was falling off a cliff, Big Tech saw its business soar.

The big picture: Thursday morning, government economists reported a 30% drop in GDP for the second quarter — the largest decline, by far, since the numbers have been reported.

Coronavirus pandemic pushes U.S. economy to worst-ever contraction

Data: Bureau of Economic Analysis; Chart: Axios Visuals

The U.S. economy shrank at an annualized 32.9% rate in the second quarter — the worst-ever contraction on records that date back to 1947, the government said on Thursday.

Why it matters: Widespread lockdowns to contain the spread of the coronavirus pandemic ravaged the economy in a way that's never been seen in modern times, and hope for a swift recovery has been dashed as cases have surged nationwide.

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