Topics Trending in the Stock Market on June, 18

Facebook announced the details of its widely-rumored cryptocurrency project: a financial services offering called Calibra. Calibra is a “newly formed Facebook subsidiary” and its first product, launching in 2020, will be a digital wallet to store and send Libra, a new cryptocurrency.

In public hearings on the next round of potential tariffs on $300 billion in Chinese goods, the companies urged trade officials to exclude their products from additional tariffs. Roku, iRobot, Best Buy, Element Electronics, and the Entertainment Software Association all testified on Monday.

An uptick in IPO activity is correlated with a downturn in S&P 500 returns over the following 12 months, Bernstein equity strategist Noah Weisberger writes. A wave of IPOs has hit Wall Street in recent weeks, with Beyond Meat, Chewy and Crowdstrike up 163%, 78%, and 70%, respectively, during their first day of trading.

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