“Another Step Down” – Vista Partners Daily Market Recap 5/2/2019

By John Heerdink LinkedIn

U.S. stocks took another step down on Thursday as they extended losses from the previous session. The Nasdaq slipped 0.16% (12.87 points) today, despite seeing gains briefly near the beginning of the session. The S&P 500 followed that same pattern, ending the day down 0.21% (6.21 points). The Dow fell the furthest of the three, dropping 0.46% (122.35 points).

Individually, components of the Dow Jones generally saw losses. Dow (DOW) was hit the hardest after the company it just recently spun off of, DowDuPont reported a 28% decline in profits for the first quarter of 2019. Stock in Dow Inc. tumbled 6.11%. Caterpillar (CAT) also had a rough session, seeing losses of 2.16%. The company falling the third furthest was Exxon Mobil (XOM) as it slipped 1.75% by the time trade ended.

Seattle-based biotech Atossa Genetics (ATOS) also slid a bit today down 1.68%.

Cybersecurity firm Finjan (FNJN) closed trading up 3.31% at $3.12/share today.  Recently, they announced that on April 30, 2019, its subsidiary Finjan, Inc. entered into a patent license and settlement agreement with Zscaler, Inc. (“Agreement”). The Agreement resolved the parties’ disputes, grants Zscaler a fully paid up license to Finjan, Inc.’s patent portfolio, mutual covenants not to sue and mutual releases, among other terms which are confidential.

Several stories influenced investors today from domestic economic data to trade relations with China. The Bureau of Labor Statistics reported today that U.S. productivity saw its biggest rise since 2014 in Q1 of 2019 as it climbed 3.6%. Also today, the Department of Labor’s jobs report showed that unemployment claims for the week ending April 27, were at about 230,000 – nearly 15,000 more than expected.

CNBC reported that progress on the U.S. – China trade negotiations are being made and a deal could be announced as soon as next Friday. This week, U.S. representatives met in China to continue talks. U.S. Treasury Secretary Steven Mnuchin, who was present at the negotiations tweeted that the ongoing efforts were “productive.” Next week will see the Chinese negotiators come to Washington to continue their meetings.

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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Stocks decline as investors digest Fed commentary, turn attention to earnings

Stocks declined Thursday as investors refocused on corporate earnings results and U.S.-China trade negotiations, a day after a Federal Reserve policy decision…


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