“Red All Around” – Vista Partners Daily Market Recap 3/7/2019
There was red all around the market on Thursday as equities started out the session with losses and fell further to end it. The S&P 500 slid 0.81% (22.52 points) while the Nasdaq tumbled 1.13% (84.46 points). The Dow also fell throughout the day to finish down 0.78% (200.23 points) by the time the market closed.
With the exception of a few companies, most of the Dow components saw losses. Walgreens (WBA) tumbled again today, closing out the session with a decline of 2.14%. Caterpillar (CAT) also fell during the day and saw losses of 1.51%. One of the outliers today was Exxon Mobil (XOM) which had gains of 1.11%.
After seeing losses mid-session, Atossa Genetics (ATOS) ended the day at the same level it opened, $1.45.
Economic news from across the pond negatively impacted U.S. equities today. The European Central Bank (ECB) decided that it will not be hiking its interest rates through 2019. The ECB also slashed it’s predicted growth for the eurozone area to 1.1% from its previous December of 1.7%. The ECB President, Mario Draghi, attributed to the policy decision and adjusted expectations to a “sizable moderation in the pace of economic expansion that will extend into the current year.”
Despite the dovish intent behind these decisions, they actually took a negative toll on markets today. Chris Beauchamp with IG Group noted, “Sometimes intervening makes things worse. This is perhaps the lesson that the ECB has learned today. Their attempt to shore up sentiment…has set the cat among the pigeons, spooking markets with an indication that the eurozone economy is going to get worse before it gets better.”
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.
Stay Informed! Stay Competitive! Sign Up to receive FREE email updates here!