“Takin’ a Tumble” – Vista Partners Daily Market Recap 2/7/2019
US stocks took a tumble on Thursday, stoked on in part by investors’ continued worries about US-China trade relations. The S&P 500 dropped 0.94% (25.56 points) while the Nasdaq sank 1.18% (86.93 points). The Dow spent the entire day in the red and finished the session down 0.87% (86.93 points).
Except for a few exceptions, components of the Dow were down across the board. DowDuPont (DWDP) saw the biggest declines today with a drop of 1.94%. Apple (AAPL) wasn’t too far behind as its shares tumbled 1.89%. Goldman Sachs (GS) didn’t fare especially well either with it seeing losses of 1.81% by the market’s close.
Atossa Genetics (ATOS), a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, on the other hand, shot up 14.09% or $0.21. Stock for the company is now sitting at $1.70 per share after ~10.3 MM shares traded hands post the company’s updated the status of the pre-menopausal, estrogen-receptor positive (ER+) breast cancer patient who received preoperative oral Endoxifen therapy under an FDA-approved “expanded access” program. The purpose of this therapeutic approach was to reduce activity of the cancer cells prior to surgery. The patient received daily doses of Atossa’s oral Endoxifen for approximately three weeks prior to surgery. There were no safety or tolerability issues and her surgery was completed successfully. To determine if the oral Endoxifen reduced the biological activity of the cancer cells, the test results obtained from the initial biopsy were compared with those from the specimen obtained during surgery. A reduction of the cancer cell biological activity was observed by a significant reduction in estrogen receptor content of the tumor. Endoxifen interacts with the estrogen receptor preventing it from functioning. Recent research by others suggests that endoxifen also destroys the receptor.
After meeting in Washington in January, negotiators will head to Beijing next week to continue trade talks. And while the President has been optimistic about the progress being made in this regard, White House economic adviser Larry Kudlow took a slightly different tone. In Kudlow’s opinion, there remains “a sizable distance to go” before the talks bear fruit. This distance will need to be covered by the beginning of March – the deadline when the temporary cease-fire in the trade war reaches its end.
And although this may seem like a monumental task, some analysts see it as completely feasible. Ian Shepherdson, an economist with Pantheon Macroeconomics, said, “We expect the U.S. and China [to] reach a substantive trade deal by early spring, allowing most or all of the tariffs, on both sides to be removed.”