“Can’t Hold On” – Vista Partners Daily Market Recap 4/11/2019
Stocks started out strong on Thursday, but couldn’t hold on to gains as equities dropped mid-session. The Nasdaq fell throughout the day to end trade down 0.21%. The Dow started out the day with gains, but quickly dropped and couldn’t make up the lost ground. The index ended with losses of 0.05% (14.11 points). The S&P 500 also dropped during the day, but finished right at even with a miniscule increase of 0.11 points (0.00%).
Several companies in the Dow weighed on the index today with UnitedHealth Group (UNH) pulling it down the furthest. Their stock tumbled 4.35% during Thursday’s session. Walgreens (WBA) also slid today, though not nearly as much, ending the day down 1.96%. Dow (DOW) slumped today, seeing losses of 1.47% by the end of the session.
Atossa Genetics (ATOS) also slipped today, down 1.29% by the time the closing bell rang.
Uber filed SEC paperwork today what confirmed its plan to list on the New York Stock Exchange. Their ticker is surprisingly going to be UBER. Uber stated they enjoyed revenues in excess of $11 billion in 2018 almost $1 billion in profit. See the sec.gov filing.
Despite the downturn in equities today, the Labor Departments initial jobless claims data that was released today was actually positive. According to the report, jobless claims are at their lowest levels since the 1960’s. The numbers for the week were 196,000 claims, which was less than 204,000 from the week before.
According to Barclays, “The reading of 196k represents a recovery-level low and the lowest reading on initial jobless claims since the late 1960s. However, when taken as a share of employment, initial jobless claims have been at all-time lows for several years and reflect unusually low rates of job separations.”
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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