US stocks saw a disappointing decline on Monday that was spurred by several concerning reports. The Nasdaq was down 1.11% (79.18 points) on the day, and the S&P 500 slipped 0.78% (20.91 points). The Dow finished the session out with a loss of 0.84% (209.98 points) although at one point it had shed 413 points.
Except for a select few companies, most of the components making up the Dow were down today. Pfizer (PFE) tumbled 2.73%, and Verizon (VZ) had dropped 2.73% by the time the market closed. Microsoft (MSFT) also saw losses today with a decline of 1.95%.
Atossa Genetics (ATOS) fell $0.01 or 0.74% during today’s session.
Several companies started off the week by releasing lackluster quarterly reports. Among them was Caterpillar (CAT) which pointed to lower Chinese demand as one of the factors contributing to a weak earnings outlook for the coming year and below-expected results from the last quarter.
Adding to the growing list of signs of a slowing Chinese economy was the report today that showed industrial profits dropped 1.9% from the year before in December. This means is the second month in a row that has seen a drop in the figure.
Later this week talks will resume in Washington between US and Chinese representatives to discuss the ongoing trade war and attempt to come to a resolution.
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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