In the markets this week, heavyweights Cisco (NASDAQ:CSCO) and Walmart Inc (NYSE:WMT) reported strong numbers that helped equities claw back losses from a six hundred point shellacking on Monday.
The selloff came from more questions about the trade situation between the United States and China, a source of ongoing concern for months. Alibaba (NYSE:BABA) reported a very good number to make the case that whatever one thinks about China's economy, large competitors there provide plenty of proof that the world is full of big, profitable enterprises that US companies contend with across the globe.
Pinterest (NYSE:PINS) reported its first quarter as a public entity and the market was not impressed at all, which has been the same reception that fellow IP-O's Lyft (NASDAQ:LYFT) and Uber (NYSE:UBER) were welcomed with. In fact, head underwriter for the Lyft IPO, Morgan Stanley (NYSE:MS), faces questions about their actions with clients and potentially not acting as a fiduciary for Lyfters. If one combines that with the billion-dollar fine the EU placed on the largest investment banks in Europe for conspiring in the spot currency market (JP Morgan, Barclays (LON:BARC), Citigroup (NYSE:C)), there is a reason many investors find it hard to believe the bankers. Yes, indeed, the trust issue rears its head yet again.
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