“Seeing Red” – Vista Partners Daily Market Recap 11/14/2018
After beginning the session with gains on Wednesday, all three major indices were seeing red as they ended the day with losses. The S&P 500 was down 0.75% (20.36 points) as trade closed and the Nasdaq slipped 0.9% (64.48 points). The Dow dropped 0.81% (205.25 points) which was better than the 350 points it had lost at its low point during the session.
Most individual components of the Dow were down again today but some, like The Home Depot’s (HD) increase of 0.50%, managed to hold onto gains. The Travelers Companies (TRV) saw shares slide 2.97% and Apple (AAPL) had another day of losses with a decline of 2.82%. Atossa Genetics (ATOS) had a particularly rough day as it saw losses of 6.20% but after spiking during yesterday’s trading.
After the longest losing streak in its history, oil prices finally increased today. This comes after reports that OPEC might consider slashing its production by 1.4 million barrels per day in the coming year. This number is even larger than what was previously though and it would help to eliminate concerns about an excessive global supply of oil.
The decline in oil prices has had many factors. According to Jeffrey Currie, with Goldman Sachs, “What began as a cross-asset risk-off sell-off accelerated last week for oil on news of the Iranian waivers and is now being further exacerbated by systematic trading and hedging strategies.”
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