Vista Partners Daily Market Recap 10/8/2018
Despite opening down on Monday morning, U.S. stocks were mixed as the market closed. The S&P 500 dropped 0.04% (1.14 points). Likewise, the Nasdaq fell 0.67% (52.5 points) due in part to declines in tech stocks. While the Dow lost over 200 points in the morning, it ended the day with gains of 0.15% (39.73 points).
The Labor Department’s announcement on Friday that 134,000 jobs had been added in September was less than the 185,000 predicted by economists. This, along with comments made by Federal Reserve Chairman Jerome Powell that there is “a long way” to go to get interest rates to neutral, have caused growing worries of rising inflation.
Michael Wilson, Morgan Stanley’s chief U.S. equity strategist commented, “While 2017 saw rising rates and accelerating growth, we think the equity market is now wrestling with rising real rates and economic growth that will decelerate into next year…This creates a tipping point that explains many of the performance themes this week and lays the groundwork for something of a regime change…”
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.
Stay Informed! Stay Competitive!