Weekly News: March 27
Markets signal trouble as US stocks experience their worst day in 6 months. In other news: Ford invests heavily in self-driving cars, Nike profit forecast turns unpleasant and an exciting new website for iBillionaire.
For the first time in a long time, U.S. stocks posted a decline last week. In fact, it was the first time in about 6 months, yikes! Moods were soured across the nation due to political uncertainties, particularly because of some road bumps from President Trump’s proposed healthcare bill reform. But keep your chin up — although stocks may have dropped more than 1% last week, hopefully it’s just a mere blip in the long run.
In other news, iBillionaire is excited to launch a sleek, new website! You no longer have to view iBillionaire only on your iPhone — view the new website from any device, anywhere!
Top 5 Stories From Last Week:
Bad Day: On Tuesday, US stocks has their worst day in 6 months! The rest of the week wasn’t so rosy either, with stocks posting continued declines. The main driver was likely due to uncertainty over President Trump’s new healthcare bill which is facing greater than expected trouble. A new wave of doubt has crept into the minds’ of economists: policy promises of the newly elected President will be hard to meet, and shadows have been thrown over his agenda to transform health care, tax and infrastructure. Where are those rose-tinted glasses…
Healthcare Reform Getting Sick: House Republicans have withdrawn a healthcare reform bill they proposed that was intended to replace the Affordable Healthcare Act (aka Obamacare), after it was clear that they weren’t going to get the number of votes needed for it to pass. The news on Friday further caused a rumble in the markets as Republicans admitted, for the moment, that their long promised proposal to replace Obamacare has been put on hold.
Back to the Future: Ford is the latest automobile company to open its doors to self-driving cars. On Thursday, Ford announced to investors that Q1 profits are likely to be lower than estimates, and the stock took a small tumble after the announcement, falling close to 2% at opening bell. The big reason for the decline in income is because of “investments in emerging opportunities”, relating to Ford’s efforts to develop autonomous cars. It’s an exciting addition in the race for self-driving cars.
Key Project in the Pipeline: President Trump recently announced the formal approval of the Keystone Pipeline. For those of you still in the Stone Age, the Keystone XL Pipeline is a project that has been discussed for a long time, and will allow oil drilled in Canada to be brought into US refineries (although a couple of key approvals are still needed before the project can truly begin). Reactions are mixed: the new project will create many jobs but will have some worrying environmental impacts.
Nike Needs to Step-Up: On Wednesday Nike stock fell more than 6% after forecasting poor sales for the rest of 2017. It’s a tough match out there for Nike, who is suffering from the shift to online shopping from traditional brick-and-mortar stores, who is facing fierce competition from Adidas and is also experiencing the consequences of an overall decline in the American athletic market. Time to tie your laces, Nike, and get back in the game!
New: You can now use iBillionaire on your desktop!
Great news, friends!
We are extremely happy to announced that the new iBillionaire website is ready. This exciting new product makes it easier than ever for you to save; you can access this sleek, new website from anywhere and from any device, and offers the same features as offered on our app, and more!
Check it out today and share with your friends! -> NEW WEBSITE
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