“Red Red Red Already Said” – Vista Partners Daily Market Recap 2/6/2019
US stocks stayed in the red for the red for most of the day on Wednesday and finished there as well. This broke the five day streak of gains that market had seen in previous sessions. The S&P 500 dropped 0.22% (6.09 points) while the Nasdaq sank 0.36% (26.80 points). After barely breaking into the green a couple times today, the Dow finished down 0.08% (21.22 points).
The companies making up the Dow saw a fairly mixed bag in terms of results today. DowDuPont (DWDP) saw the biggest change today, but unfortunately that was a loss of 1.94%. Microsoft (MSFT), Disney (DIS), and Caterpillar (CAT) had a three-way tie for second to biggest loser in terms of percentage loss, with all of them sinking 1.11%. On the other hand, UnitedHealth Group (UNH) saw gains of 1.20%.
Atossa Genetics (ATOS), saw a loss of 0.67% by the time the market closed.
Last night President Trump addressed the nation in his delayed State of the Union which had the potential to shake-up the market. Analysts, though, said it wasn’t the seismic event that it could have been. Rather than laying out new plans or pulling out some new surprise, the President mostly reiterated what he’s already said in regards to China, the border wall, and infrastructure. Mark Hamrick, an analyst with Bankrate.com, noted, “It was thin indeed for details on economic initiative going forward, unless you consider building a border wall and keeping up the trade fight with China as falling within that character.”
Another potential market-mover will come tonight as Fed Chairman Jerome Powell will offer his first public comments since last week’s decision to forgo an interest rate hike and keep the rates at the current level. Investors will no doubt be looking to see if his tone remains dovish even after the market had a solid start to the year in January following December’s thumping.
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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