Investors got busy buying today as China announced they will reduce tariffs on imported goods, including U.S. products. It appears that China might be realizing that there is no amount of tariffs they can apply that will match what the U.S. can counter with. Not only will tariffs be reduced but China has also pledged to refrain from manipulating and devaluing their currency. Stocks got a big boost as the Dow gained 251 points and closed at 26,656. One bit of disappointing China-U.S. news was that Alibaba CEO, Jack Ma, has taken back his promise to bring a million jobs to the U.S. He made this promise to President Trump back in January, but with the shaky relations between China and the U.S. he has rescinded the offer.
Amazon had an event today at their downtown headquarters to reveal their new Alexa products. Early indications are that they will have a microwave that you can talk to, as well as sound systems and gadgets for your car. In addition, Amazon also announced that they will be rolling out more of their legal shoplifting Amazon Go stores. The plan is to open roughly 3,000 of these cashierless stores nationwide by 2021.
IPOs have been hot this year as Eventbrite joined that list today and saw an immediate 60% gain. Eventbrite is an online platform that issues tickets for events. However, like Tilray yesterday, we’ve seen these huge run ups on newly issued stocks but then seen them also come back and crater. After big gains yesterday, Tilray gave back nearly all those gains today.