“Snap…So Close…” – Vista Partners Daily Market Recap 1/11/2019
US stocks ended their earnings streak on Friday, but you can’t say that they didn’t try to keep it up. After opening in the red this morning, they rose throughout the day ending just shy of breaking into the green. The Nasdaq ended down 0.21% (14.59 points) while the S&P 500 dropped just 0.01% (0.38 points). The Dow was only down 0.02% (5.97 points).
Components of the Dow had a mixed bag of results today. Pfizer (PFE) was up today with an increase of 1.35%, and United Health Group (UNH) also did well as it rose 1.14%. Walgreen (WBA) was the biggest loser today, dropping 1.06%.
Outside of the Dow, Atossa Genetics (ATOS) fell again today, losing 4.90% but only after hitting a YTD high of $1.95 earlier in the week.
While trade talks seemed optimistic this week, the effect of the trade war is slowly taking its toll on US companies. Starbucks (SBUX) shares were downgraded by Goldman Sachs to Neutral due to worries over China’s economic growth and a potential slow down of same-store sales in the region. We already saw Apple (AAPL) last week confirm the lowering of its revenue outlook for the fiscal first quarter 2019, citing justification for this action through the company’s weakness in Greater China and other emerging markets. Officials remained positive though, and Treasury Secretary Steven Mnuchin reported that Chinese Vice Premier Leu He is planning on coming to Washington this month to continue talks.
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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