“Failed to Impress” – Vista Partners Daily Market Recap 2/21/2019

By John Heerdink LinkedIn

US stocks fell slightly on Thursday as a variety of reports showed economic data that failed to impress. The S&P 500 dropped slightly 0.35% (9.82 points) while the Nasdaq followed suit with a 0.39% (29.36 points) loss. The Dow had the biggest losses percentage-wise as it sank 0.40% (103.81 points) by the time the session ended.

As far as components of the Dow go, Microsoft (MSFT) led the way with gains of 2.11%. Many companies were unable to see gains today, though. Walgreens (WBA) fell the farthest with a drop of 1.85%. DowDuPont (DWDP) wasn’t very far behind as it dropped 1.76%.

Atossa Genetics (ATOS) fell today, tumbling 4.63% by the time the markets closed.

Despite a rise in equities overnight fueled by optimism about a US-China trade deal, stocks slipped today after reports showed weak economic data. The Census Bureau’s figures for durable goods orders showed that  the December numbers missed economist’s expectations. Based partly on these results, the Atlanta Fed decided today to lower its expectations for the 2018 fourth quarter GDP from 1.5% to 1.4%.

In a note from economist Michael Feroli, JPMorgan explained their revised expectations. “This morning’s durable goods report adds to our sense of downside risk to growth early in the year, and we are nudging lower our early estimate of real annualized GDP growth in Q1 from 1.75% to 1.5%.”

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 amid disappointing economic data

U.S. stocks fell as new economic data pointed to weakness in the manufacturing sector and softening labor market trends. Earlier reports of progress toward tangible commitments for a trade deal between the U.S. and China failed to provide a lasting boost to stocks…

finance.yahoo.com

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