In case you missed it:
This week the Fearless Girl statue outside of the New York Stock Exchange has reason to smile.
There are no longer any companies in the S&P 500 Index with an all-male board. Copart, an online auto auction website was the last company to appoint a woman to its board. Copart, on Tuesday, named Diane Morefield as director.
Copart and TripAdvisor were the last two all-male strongholds until March, when TripAdvisor added two women to its board.
Fed Chair Iffy On Future Rate Cuts
For the first time since 2008, the Federal Reserve has opted to cut interest rates amid fears of the trade war and a global economy slowdown. It wasn’t the “large” rate cut that President Trump had previously urged the Fed for, but Powell hinted that their could be more cuts coming, and then he didn’t.
At just a quarter-point reduction, the cut isn’t expected to have much impact on consumer loans and mortgages.
Maybe the president will get the large cut he was hoping for later in the year … then again, maybe not.
While Federal Reserve Chairman, Jerome Powell hinted that another cut or two is possible later this year, he also indicated that this rate reduction would not be the “beginning of a long series of rate cuts.” Stocks responded to the news with their own reductions. The Dow fell 300 points after Powell’s conference.
Powell’s uncertainty seems to mirror the factors that ultimately led the Fed to cut interest rates in the first place. Powell said on Wednesday that the cuts were “intended to insure against downside risks.” He said that the president’s trade dispute was taking a toll on American business. “The ongoing uncertainty is making some companies more cautious about their capital spending.”
Beyond Meat’s Success Is No Fake Out For Investors
Continuing its rise in popularity is Beyond Meat, a plant-based meat substitute company that’s taking Wall St. and investors by storm.
Since Beyond Meat’s initial public offering, the stock has gained 800%. To keep that momentum going, the company will do a second offering with existing investors selling 3 million shares despite the fact that Beyond’s IPO was just three months ago in May.
The shares being sold in the second offering will be used to invest in the company’s operations. It is normal for venture-backed companies to hold a second offering, but rarely does it happen this close to the IPO.
AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.