“A Slippery Slope” – Vista Partners Daily Market Recap 1/3/2019
The second day of business of 2019 saw U.S. stocks slide, making the second market day of the new year a dreary one. The S&P 500 fell 2.48%, that is 62.14 points. With its biggest drop since Christmas Eve, the Dow fell 660.2 points or 2.83%. To round it all out the Nasdaq tumbled 3.04% or 202.34 points. All of the Dow components closed the markets with a decrease, except for Verizon (VZ) which had an increase of 0.36%. United Technologies Corporation (UTX) had the greatest loss with a decrease of 4.45%, and Merck & Co., Inc (MRK) fell towards the middle of the pack with a decrease of 2.05%. Separate from the Dow, Atossa Genetics (ATOS) did not see as much success as it did yesterday, with a decline of 2.63%. Today’s decline was due in part to Apple (AAPL) lowering 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. Any movement of Apple stocks greatly effects the three major indices, with Apple making up almost 10% of technology-heavy Nasdaq, 3.4% of the S&P 500, and for every $1 decrease in Apple’s stock, the DOW sees a decline of almost 6.8 points.