“A Good Day” – Vista Partners Daily Market Recap 11/26/2018
After last week’s rocky performance, US stocks had a good day on Monday with all three of the major indices seeing gains. The Nasdaq climbed 2.06% (142.87 points) and the S&P 500 gained 1.55% (40.89 points). As trade ended, the Dow had risen 1.46% (354.29 points).
Nearly every component of the Dow saw gains today with American Express (AXP) leading the charge as it rose 3.73%. Microsoft (MSFT), trying to rebound after a notably hard week for tech stocks, wasn’t too far behind with an increase of 3.30%. The Travelers Companies (TRV) also did quite well as it saw gains of 2.93%.
Atossa Genetics (ATOS) also shared in the upswing today as it saw shares increase 5.26%.
The VelocityShares Daily 2x VIX ST ETN (TVIX), broad-based leveraged bet against the market, dropped 11.25% today to close at $44.82. We believe that the TVIX will see a move back to positive territory by the end of the week that could begin as soon as Wednesday as we speculate that the markets will again be selling off by week’s end.
After a very successful Black Friday, in which online sales increased to $6.22 billion (up 23.6% from the year before), today’s Cyber Monday is expected to continue the trend. Nearly $2 billion of the Black Friday total came from shopping done on smartphones. These numbers along with the fact that in-store shopping decreased 1.7%, has some feeling good about the future of tech stocks despite a rough last week.
Aaron Kessler, a Raymond James Analyst, noted: “E-commerce sales as reported by numerous sources indicate solid holiday sales for the Thanksgiving weekend and holiday season to date and we remain comfortable with our expectation for mid-teens e-commerce holiday season growth.” He also stated that he is keeping “a positive bias on Amazon and Google shares.”
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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