“Close, But No Cigar” – Vista Partners Daily Market Recap 11/29/2018
US stocks had a choppy day of trading on Thursday with all three major indices nearly ending with gains but winding up just barely in the red instead. The S&P 500 slipped 0.22% (5.99 points) and the Nasdaq fell 0.25% (18.51 points). The Dow was just under for the day with a loss of 0.11% (27.59 points).
Individual components of the Dow were all over the board today with some seeing substantial gains and others facing losses. Boeing (BA) did well as it rose 2.72% and Pfizer (PFE) also ended the session up with an increase of 1.36%. On the flip side, Intel (INTC) saw shares slide 2.37%.
Atossa Genetics (ATOS) saw a loss of 3.36% for the day after significant increases during Wednesday’s session.
The Markets are facing many significant risks that have increased the volatility and could add to a downward moving market. A few of the market disrupters include: rising interest rates, unsettled white house affairs with China that involves wider or at least increased tariffs on China heading into the G20 summit & the fact that oil prices continue to plummet after hitting a 4-yr high north of $76 to today’s range of $49.47 – $52.20 while closing at $51.26.
Some ominous news also came from the housing market today as it was reported that pending home sales had dropped 2.6% from September to October coming in at the lowest level in 4 years. The West was the hardest hit region with sales falling a whopping 8.9%.
According to Stephen Stanley, an economist at Amherst Pierpont Securities, “By all accounts, we are seeing a buyers’ strike this year, as prospective home buyers have tired of surging home prices, frenzied bidding on scarce homes for sale and most recently rising mortgage rates.”
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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