“Favorable Friday” Vista Partners Daily Market Recap 5/24/19

By John Heerdink LinkedIn

Prior to all of us in the US made our way to the exit doors today for a wonderful 3-day Memorial Day Weekend, the sun shined on the markets once again & many risk assets headed relatively north. Part of the reason that the day was slightly more favorable is that late Thursday trade tensions were believed to have been “easing” again. Indeed the narrative was turning as President Donald Trump was reported to have stated that Huawei could possibly be a part of an eventual trade pact with China. He also gave the impression that a reversal on the significant restrictions against doing business with the Chinese concern could be in the cards. Coupled with this new understanding,  Euro equities also had a good day as they reacted positively to U.K. Prime Minister Theresa May’s action to let the world know that she is resigning on June 7th.  Her moving on to greener pastures seemingly opens the door for someone else to push forward the Brexit initiative in some way. All of this seemed to be positive enough in the minds of those that did not have one foot out the door on Friday for the summer’s first holiday weekend and the markets moved up nicely.

The S&P 500 ended the session down .14% at 2826.06. The Dow moved lower too by 95.2 points and ended down .37% closing at 25,585.69 while the tech-heavy Nasdaq bumped .11% closing at 7636.98 & the Russell 2000 jumped .9%.

Oil prices turned positive again too closing at $58.62/bbl up 1.4%. Chevron (CVX) closed up at $118.71  or .71%. Exxon (XOM) closed higher at $74.10 up .42%.

The CBOE Volatility Index (VIX) closed down at $15.85 or 6.32% and traded between $15.52 – $16.52. The 2x leverage ETF TVIX also closed down at $22.54 descending 4.25% and trading between $21.72 and $23.16 today.

Dow 30 components & the world’s leading manufacturer of construction & mining equipment Caterpillar (CAT) closed at $122.90 up .52%

Pharmaceutical giant Merck & Co, Inc. (MRK) closed at $81.02 up .19% after announcing this week that they are purchasing Peloton Therapeutics for $1.05 Billion in cash plus additional payments that depend on how well the experimental development goes. This acquisition gives them access to their lead kidney cancer drug candidate and is thought to further increase their position in renal cell carcinoma and its cancer drug portfolio in general.

Intel (INTC) moved higher by .09% closing at $44.57/share. Shares of Microsoft (MSFT) closed at $126.24 up slightly by .05%.  Apple (AAPL) moved lower again closing at $178.97/share down .38%. Uber Technologies (UBER), the ride-sharing company closed higher at $41.51 up a healthy 2.57% giving shareholders a better ride today.

Disney (DIS) closed at $132.70 up .05%.  Home Depot (HD) shares glided up .83% closing at $193.50 after reaffirming 2019 guidance earlier this week.

Community Health Systems, Inc (CYH) one of the largest publicly traded hospital companies in the US hit an intraday high of $3.27/share & a low of $3.095 today and closed the day at $3.14 down 2.48% on 1.30 million shares of trading.

The Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions Atossa Genetics (ATOS) closed at $2.60.  The Maxim’s Group’s biotech analyst, Jason McCarthy, Ph.D., reiterated his ATOS buy rating recently with a $9/share 12-Month Target Price. See his update report which is called “Reports the Quarter, Endoxifen Programs Progressing, Data Updates Expected Over 2019.”

San Diego-based biotech dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, Fate Therapeutics (NASDAQ: FATE) jumped 3.49% closing at $18.97/share on 449,025 of trading. Recently FATE established a new all-time intraday high of $20. The 52-week range is $8.64 – $20.

The US Dollar Index declined .3% at 97.58. 

Durable goods production was reported today to have gone down 2.1% month over month.

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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