“High Hopes” – Vista Partners Daily Market Recap 1/9/2019
High hopes about US-China trade talks helped boost stocks for the fourth session in a row on Wednesday. All three of the major indices were up once again today. The S&P 500 gained 0.41% (10.55 points) while the Nasdaq had risen 0.87% (60.08 points) by the time trade ended. The Dow rose 0.39% (91.67 points) to finish the session.
Individual components of the Dow were fairly evenly mixed today. Coca Cola (KO) had the largest losses with a decline of 1.92% while Procter & Gamble (PG) dropped 1.63%. On the other end of the spectrum was Apple (AAPL) with an increase of 1.70%.
Outside of the index, and on Day 3 of JP Morgan’s 2019 Healthcare Conference in San Francisco, shares of Atossa Genetics (ATOS) had an outstanding day as it jumped a spectacular 30.08%, as shares closed at $1.60 after hitting an intraday high of $1.95 and trading 18.8 million shares. Atossa Genetics Inc. (NASDAQ: ATOS) is a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods for breast cancer and other breast conditions. Today they reported final results which met all objectives from its Phase 1 dose-escalation study of its proprietary topical Endoxifen in male subjects.
The Maxim Group’s biotech analyst Jason McCarthy, Ph.D. updated coverage and maintained his $5 Target price.
The US and China trade talks that have been in progress ended today, and according to Lu Kang, a Chinese Foreign Ministry spokesperson, both countries were “serious in conducting the consultations” which led to the longer than expected discussions. The positive attitude held by both sides helped to fuel a rally across the globe with stocks in Asia and Europe both doing well.
With regards to what was being discussed, the United States Trade Representative explained that the talks were being held “with a view to achieving needed structural changes in China with respect to forces technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services, and agriculture.”
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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