“Broken” – Vista Partners Daily Market Recap 11/2/2018
The three-day rally begun on Tuesday was officially broken today as the market was dragged down by underperforming tech stocks. The Nasdaq slid 1.04% (114.59 points) while the S&P 500 dropped 0.65% (17.96 points). The Dow also fell to end the day with losses of 0.45% (114.59 points).
While most of the Dow’s components saw moderate losses today, there were some exceptions. Apple (APPL), for one, plunged 6.63% during the day. In the other direction, there was Chevron (CVX) with gains of 3.20% and Exxon Mobil (XOM) which reported increases of 1.59%. Seattle-based biotech firm Atossa Genetics (ATOS) closed Friday’s trading session flat at $1.33 after moving up to $1.37.
Tech stocks were the main culprits for weighing down the markets. This was exemplified by Apple’s losses mentioned above, despite its mostly positive quarterly report released yesterday. Brian Belski of BMO Capital Markets remains unconcerned by October’s overall volatility, let alone today’s losses. He stated, “Indeed, positive fundamentals and steady macro data remain in place, thereby providing investors with one of the best buying opportunities in several months. Thanks, October.”
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.
Stay Informed! Stay Competitive!