“Back Down” – Vista Partners Daily Market Recap 11/9/2018
US stocks were headed back down on Friday after the impressive gains made during the midweek session. The S&P 500 slipped 0.92% (25.82 points) while the Nasdaq had dropped 1.65% (123.98 points) as trade ended for the day. The Dow also ended the day in the red with losses of 0.77% (201.92 points).
The Dow saw most of its components end in the red today, but some companies were able to buck the trend. Disney (DIS) posted gains of 1.72% and Procter & Gamble (PG) rose 1.15%. On the other end of the spectrum, Goldman Sachs (GS) was the biggest loser of the day, sinking 3.89%. Apart from the Dow’s components, Atossa Genetics (ATOS) saw shares drop 4.51% today. Outside the stock market, oil prices continued slipping today after several sessions of losses.
Today’s losses come after a report from the Fed yesterday indicating their plan to raise the rate once again before the year is out. This would mark the fourth time this year that the Fed hiked the rate.
Chris Beauchamp, an analyst at IG, noted that while it’s unfortunate that the progress from Wednesday didn’t continue, “the overall picture remains encouraging.” He noted that “Given the size of the bounce in the past two weeks, some weakness in the US markets is to be expected.”
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