Stocks in the US markets moved sharply lower today as they were fed reports that Germany & US manufacturing tumbled in March which seemed to ignite the fear that global growth is slowing even further than anticipated. Germany’s manufacturing industry indeed has dropped for the 3rd consecutive month according to IHS Markit’s monthly survey.
The Nasdaq dropped 2.50% or 196.29 points closing at 7,642.67. The S&P 500 was 1.9% or 54.17 points and closed at 2,800.71. The Dow closed at 25,502.32 up 1.77% or 460.19 points. The Fed’s recent “dovish tone” was not able to keep the markets floating today.
Dow 30 components Apple (AAPL) closed at $191.05/share stumbling 2.07%, The Coca-Cola Company (KO) notched a win closing at $45.93/share up .92% on the day & Goldman Sachs (GS) closed at $188.96 dropping 2.89% on the day.
Atossa Genetics (ATOS), a Seattle-based biotech firm focused developing treatments for breast cancer, ticked down 1.34% closing at $3.68/share after trading another 947,107 shares. the 52-week range is $.80- $7.39.
Jacksonville, FL- based provider of title insurance and transaction service to the real estate & mortgage industries, Fidelity National Financial (NYSE: FNF), closed at $36.53 up $1.12/share or 3.16% today. FNF recently announced the launching of a comprehensive digital closing experience for consumers closing in its title operations.
INVO Bioscience (IVOB), developers of the INVOcell intravaginal culture (ICV) system closed at $.422 up 2.94%.
Of note, US Treasury yields also dropped today. During the day, the 10-year note tiptoed below the 3-month bill a spot that it has not been in since 2007 which triggered the recessionary alarm bells throughout the world.
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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