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Inside Finance (May 15th, 2019)

1. Stocks are poised for a second day in the green after taking a dive on Monday. At last check, the Nasdaq was leading with a 1.32 percent gain, followed by the S&P 500 with 0.76 percent and the Dow with 0.63 percent. The Chinese tech giant Alibaba helped buoy markets after revealing that its revenue from cloud computing grew by 76 percent in the fourth quarter. In the energy sector, oil prices are on the rise, despite a 5.4 million barrel uptick in U.S. stockpiles. – CNN

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2. For a second week, much of the news in the financial sphere has centered around tariffs. This morning, the tariff news was that President Trump plans to delay tariffs on cars for up to six months, as long as negotiations are active. Most tariffs in recent headlines have been between China and the U.S., but these car tariffs would be global, affecting allies like the European Union and Japan. The tariffs have been in the works since at least February, and they've received criticism from both Democratic and Republican politicians for just as long. – CNBC

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3. By the Numbers: Checking in on IPO Unicorns

$45 – That was Uber's IPO price.

$41.02 – That was Uber's midday stock price.

$72 – That was Lyft's IPO price.

$53.91 – That was Lyft's midday stock price.

$19 – That was Pinterest's IPO price.

$28.42 – That was Pinterest's midday stock price.

$36 – That was Zoom's IPO price.

$78.50 – That was Zoom's midday stock price.

$25 – That was Beyond Meat's IPO price.

$91.10 – That was Beyond Meat's midday stock price.

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4. Apple shares took a hit earlier this week after the Supreme Court ruled that an anti-trust lawsuit against the App Store could move forward. The lawsuit claims that Apple's App Store is monopolistic—no matter how much Apple raises App Store fees, iPhone users have to use the marketplace to acquire apps. The Supreme Court didn't come down on either side of the issue. It simply decided that consumers could sue Apple under anti-trust laws. Apple is depending on its services to offset slowing iPhone sales. Analysts expect the App Store to make up nearly half of all services revenue for the year. – CNN

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5. European banking officials are considering financial reforms to jumpstart its independence from Britain. With the deadline moved to October, it's been a while since we've had news from the Brexit front. Today, Reuters obtained a document that outlines the EU's strategy for maintaining financial independence, which includes limiting Britain's financial access to the EU. The EU had previously made it clear that it wouldn't offer an olive branch to British banks in the wake of Brexit. The newly revealed EU strategy also urges new regulations around cybersecurity and cryptocurrencies. – REUTERS

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6. The FAA says Boeing will likely release a software update within a week or two that will prevent the deadly mid-flight stalls that kicked off the 737 Max scandal. Separately, audio surfaced purportedly showing that pilots confronted Boeing executives about faulty software in November, but their concerns were downplayed by executives who didn't want to "rush" a fix. – CNBC

7. So when will the next round of trade talks with China happen? "At some point in the near future," says Treasury Secretary Steven Mnuchin. "There's still a lot of work to do," when negotiators arrive in Beijing for the next round, he added. – REUTERS

8. On Sunday, White House economic adviser Larry Kudlow contradicted his boss when he admitted that "both sides will suffer" from the latest round of tariffs targeting China. President Trump has repeatedly suggested that China pays the tariffs, and he tweeted on Monday that "there is no reason for the U.S. Consumer to pay the Tariffs." – CNBC

9. A Federal Reserve policymaker reiterated the Fed's patient strategy today. Federal Reserve Bank of Richmond President Thomas Barkin said he doesn't see a strong case for pushing key interest rates in either direction. – YAHOO! FINANCE

10. Tesla CEO Elon Musk's lawyers delivered new court filings in the defamation lawsuit brought forth by a diver who helped rescue 12 boys and a soccer coach in Thailand. Musk's lawyers argue that diver Vernon Unsworth started the internet feud, and his reputation has been "utterly undamaged" by Musk's tweet calling him a "pedo guy." – CNN

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Schuyler Durham writes Inside Portland and Inside Finance. He’s a lifelong Portlander who got his start covering the local music scene, but later became enamored with the complexities of financial and political reporting. After three years in broadcast news, he's now diving back into the digital realm. You can keep up with his writing on Twitter at @SchuylerWriter or watch him goof around on Instagram at @bitterbuddha.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside); Susmita Baral (senior editor at Inside, who runs the biggest mac and cheese account on Instagram); and David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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