“Down, Down, Down” – Vista Partners Daily Market Recap 11/19/2018
US stocks were down on Monday with all three major indices seeing significant losses by the end of the session. The Nasdaq took the hardest hit, dropping 3.03% (219.4 points). The S&P 500 sank 1.67% (45.54 points), and the Dow saw a 1.56% (395.78 point) dive.
A turkey of a day for most but individually, some components of the Dow did much better than the index as a whole. Pfizer (PFE), for one, saw nice gains of 1.54% and Travelers’ (TRV) shares increased 1.36%. But several more companies were likely not as pleased with the results at the end of the day. Boeing (BA) led the declines with losses of 4.47%.
Outside the Dow, Atossa Genetics (ATOS) didn’t fare much better as it soldoff 4.92% by the time the market closed.
The sinking market was led again by tech stocks. Apple (APPL) shares sank 3.96% today after a report that they had decreased iPhone production. Facebook (FB), another of the tech giants, had an even worse day as its stock crashed 7.98% and even touched its 52-week low during trading today. It continues to combat fallout after a report about the way it managed the Cambridge Analytica ordeal.
Our TVIX ( a leveraged ETF bet against the market that we entered again at the end of trsding Friday jumped 11.23% today to close at $46.74.
Michael Wilson, with Morgan Stanley, noted on Monday that over 40% of S&P 500 stocks are down at least 20% for the year. Because of this he warned that “we are in the midst of a bear market.”
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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