US markets had an especially choppy session on Tuesday, bouncing back and forth between the red and the green before finally ending the day with losses. The Nasdaq slid just as the session was ending to finish with a decline of 0.07% (5.16 points). The S&P 500 did the same; it was down 0.08% (2.21 points) as the market closed. The Dow also dropped today with losses of 0.13% (33.97 points).
Individual components of the Dow were fairly evenly split between those seeing gains and those seeing losses. Caterpillar (CAT) tumbled the furthest with a decline of 2.43%. The Home Depot (HD) also saw losses, but not quite as large. The company was down 0.88% as trade ended. United Technologies (UTX) was right behind with a drop of 0.84%.
Outside the Dow, Atossa Genetics (ATOS) also slipped today, with a loss of 5.23%.
Capitol Hill stole the spotlight today with Fed Chairman Jerome Powell delivering his semi-annual address to the Senate Banking Committee this morning. Powell’s analysis wasn’t especially rosy. He noted that although the economy continued to grow, some signs from late last year were troubling and stated that conditions are “now less supportive of growth than they were earlier last year.”
Powell also criticized lawmakers for the ballooning U.S. debt – something the Fed has no control over. The chairman put it bluntly, stating, “The U.S. federal government is on an unsustainable fiscal path. Debt as a percentage of GDP is growing, and now growing sharply…And that is unsustainable by definition.”
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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