“Black “Price Drop” Friday” – Vista Partners Daily Market Recap 11/23/2018
Prices weren’t the only thing dropping this Black Friday, US stocks also saw cuts during this holiday-shortened trading session that closed at 1pm eastern. The S&P 500 sank 0.66% (17.37 points) and the Dow dropped 0.73% (178.74 points). The Nasdaq also dipped into the red with losses of 0.48% (33.27 points) shedding some gains from earlier in the day.
In general, most components of the Dow saw shares decline today, but United Technologies Corporation (UTX) was able to buck that trend with gains of 2.65%. On the other side of the spectrum, Chevron (CVX) had the worst day with a loss of 3.38%. Exxon (XOM) was next to worst as it tumbled 2.66% by the end of trade day.
Seattle based Biotech firm Atossa Genetics (ATOS) also saw red as it dropped 5.00% today.
Despite the poor showing for stocks, Black Friday sales seem to be doing just fine. So far, it appears that online sales have spiked this year; as of 10 a.m., they were up 27.8% when compared to last year. Thanksgiving Day sales also impressed, demolishing previous records as they soared past $3.7 billion.
According to Taylor Schreiner from Adobe Digital Insights, “Mobile stole the show Thanksgiving day with smartphones representing more than 50% of traffic to retail sites, as well as a record amount of revenue.”
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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