“There Goes Our European Vacation” – Vista Partners Daily Market Recap 4/9/2019
The winning streak is done. After eight days of gains, stocks fell today with all three of the major indices ending lower. The Nasdaq slumped 0.56% (44.61 points) before trade ended while the S&P 500 slid 0.61% (17.57 points). The Dow sank 0.72% (190.44 points).
Nearly all components of the Dow saw losses today. Caterpillar (CAT) was hit the hardest with a 2.48% decline by the time trade ended. Dow (DOW) fell the second farthest, dropping 1.54%. Boeing (BA) also slid today, with losses of 1.46%.
Atossa Genetics (ATOS) couldn’t escape the bad mood on the market today as it fell 1.60% to $3.07 per share.
Trade tensions were the big reason for the overall declines in equities today, but for once it was not with China. Instead, President Trump announced that he will be striking back at the EU in retaliation for EU subsidies to Airbus that have worked against the United States. The President tweeted that he will be slapping tariffs on $11 billion dollars of EU goods. I guess we will now need to rethink any European vacations for the time being as we are having us a good old fashioned trade war with yet another region of our wonderful world. Hold on for the resulting ride folks…
Robert Lighthizer, the U.S. Trade Representative, stated, “Our ultimate goal is to reach an agreement with the EU to end all WTO-inconsistent subsidies to large civil aircraft. When the E.U. ends these harmful subsidies, the additional U.S. duties imposed in response can be lifted.”
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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