“Clawing Back” – Vista Partners Daily Market Recap 11/21/2018
US stocks attempted to claw their way back up on Wednesday after suffering stark losses in this week’s previous sessions. The Nasdaq managed to gain 0.92% (63.43 points) while the S&P 500 notched an increase of 0.3% (8.04 points). Despite rallying 200 points at its high during intraday trading, the Dow ended the day with nearly no change (it was down less than 1 point).
Individually, components of the Dow were mixed today. Johnson & Johnson (JNJ) saw the greatest losses by a significant margin with a decline of 3.05%. Apple (AAPL) was down 0.11%, but declines were not nearly as steep as the previous two days. NIKE (NKE) saw the largest gains of any company in the index today with an increase of 1.76%.
Atossa Genetics (ATOS) wasn’t quite as lucky, its shares slipped 5.51% by market close.
With the recent downturn in the market, several people have the new expectation that the Fed will scratch its plan to hike rates again in December. Jan Hatzius of Goldman Sachs doesn’t see this as likely. She noted that unless other financial conditions crumble, the probability of the Fed changing course is slim.
Hatzius wrote, “We expect the Fed to hike at the December meeting despite the recent stock market decline, with a subjective probability of 90%. Subsequent moves will depend on the data, but our baseline forecast remains four more hikes in 2019 with risks that are broadly balanced.”
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