“Three’s A Charm” Vista Partners Daily Market Recap 6/6/19
Today marked the third consecutive day that the broad markets moved higher. Stories that the tariffs on Mexico that are set to go in effect on Monday next week could possibly be delayed or shortlived, flew across the world wide web today and seemed to add just enough power for the markets to march north. The S&P 500 ended the session up .61% at 2843.49. The Dow added 181.09 points up .71% closing at 25,720.66 while the tech-heavy Nasdaq moved up .53% closing at 7615.55 up 48.36 points & the Russell 2000, the small-cap stock market index of the bottom 2,000 stocks, dropped slightly .22% and closed at 1503.54 down 3.25 points.
Oil prices turned around today as they moved up 1.9% closing at $52.64./bbl. Dow 30 energy participants Chevron (CVX) moved up a solid 2.58% closing at $120.68 & Exxon (XOM) closed up at $74.31 moving ahead 1.82%.
The US Dollar Index moved lower .3% at 97.06.
The 2-yr treasury yield ended at 1.89 up .05 & the 10-year Treasury note stayed at 2.12%.
The trade deficit was reported today to have narrowed to $50.8 billion in April. Exports came in at $206.8 billion which represented a drop of $4.4 billion compared to March. Imports came in at $208.7 billion which was $5.4 billion lower than March.
Volatility bets were hit again today but traded in a reduced range. The CBOE Volatility Index (VIX) closed at $15.93 & down .99%. It traded between $15.36 – $16.54. The 2x leverage ETF TVIX also closed lower too at $21.66 down 3.86% and traded between $21.54 and $22.73 today.
In the tech world, Amazon (AMZN) was up .91% closing at 1,754.36, Alphabet (GOOG) was up .20% closing at 1,044.34, Apple (AAPL) rose 1.47% closing at $185.22 & Facebook (FB) bumped up .10% closing at $168.33. The balance of the tech sector lifted for the most part. Intel (INTC) moved up 1.23% closing at $45.10/share. Shares of Microsoft (MSFT) closed higher at $127.82 up 1.58%. Interestingly, Uber Technologies (UBER), the ride-sharing company closed lower again at $44.92/share down .18% but exceeded its recent IPO price of $45 to establish a new-all time high of $45.75 in intraday trading.
Entertainment giant Disney (DIS) closed at $137.21 up .93%. See our latest story on Disney: Will Georgia’s Abortion Law “Force” Disney To Stop Filming In The State?
Home Depot (HD) was up again today another .24% closing at $199.17.
Dow 30 components & the world’s leading manufacturer of construction & mining equipment Caterpillar (CAT) closed at $123.29 up .22%.
As for as healthcare sector today, the pharmaceutical giant and Dow component Merck & Co, Inc. (MRK) closed at $81.44 off .31%.
Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US hit an intraday high of $2.80/share & a low of $2.58 today and closed the day at $2.71 up .37% on 1.76 million shares of trading. More insider buying occurred recently as Michael Dinkins bought shares at $3.168/share on 5/28/19 according to the latest Form 4 filed at SEC.gov. Michael Dinkins has served on our Board of Directors since December 2017. Mr. Dinkins has served as president and chief executive officer of Dinkins Financial, a consulting firm that helps small businesses gain access to capital, since October 2017. See our story more details: INSIDER BUYING ALERT: Community Health Systems, Inc. (CYH) Director Michael Dinkins.
In the biotechnology sector, we saw the Ishares Nasdaq Biotechnology ETF lost 1.01% closing at $102.17.
Atossa Genetics (ATOS), a Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, closed at $2.28/share as traded as high as $2.44. The average daily trading volume is 3.06 million shares per day. The Maxim’s Group’s biotech analyst, Jason McCarthy, Ph.D., reiterated his ATOS buy rating recently with a $9/share 12-Month Target Price. See his update report which is called “Reports the Quarter, Endoxifen Programs Progressing, Data Updates Expected Over 2019.”
San Diego-based biotech Fate Therapeutics (NASDAQ: FATE) which is dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders closed at $17.71/share on 756,891 shares of trading after establishing a new all-time intraday high last week of $18.96. The 52-week range is $8.64 – $20.65. Guggenheim Securities initiated coverage on FATE last week with a “Buy Rating” and a $25/share price target. Scott Wolcho, President and CEO of Fate Therapeutics presented at the Jefferies 2019 HealthcareConferencee in New York today.
INVO Bioscience, Inc. (IVOB) ended the day up again 5.88% closing at $.34. IVOB is a medical device company, headquartered in Medford, Massachusetts, focused on creating simplified, lower cost treatment options for patients diagnosed with infertility. The company’s lead product, the INVOcell, is a novel medical device used in infertility treatment that is FDA cleared and that enables egg fertilization and early embryo development in the woman’s vaginal cavity. IVOB today announced that it will participate at the 35th Annual Meeting of the European Society of Human Reproduction and Embryology (“ESHRE”) in Vienna, Austria June 23 – 26, 2019. ESHRE is the leading European-based scientific trade organization devoted to research, education, and advocacy relating to all facets of human reproduction and embryology.
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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