“Stalled” Vista Partners Daily Market Recap 5/17/19

By John Heerdink LinkedIn

After a nice 3-day run the US markets hit a speedbump today when news hit that US-China trades had “stalled.” The news followed that seem to confirm it too as China officials added that they thought the US negotiating tactics need to change from its “bullying” ways prior heading their way. I would say good luck if you think that anything will change now or anytime soon with regard to US tactics and to resolving this issue.

On a positive note, the consumer sentiment for May was reported and it hit a 15-year high.

The S&P 500 moved lower today ending the session down .58% at 2859.53. The Dow gave back 98.68 points and ended down .38% closing at 25,764 while the Nasdaq legged down almost a point or .97% closing at 7816.28 and the Russell 2000 fell 1.4%.

The CBOE Volatility Index (VIX) closed up 4.38% ending at $15.96 and traded between $14.86 – $16.81. The 2x leverage ETF TVIX also closed higher at $22.99 up 2.54% and traded between $21.85 and $24.15 today.

Oil prices also saw a drop by .4% closing at $62.73/bb after three straight days that included the US announcing it would add forces to the Persian Gulf region post attacks on oil tankers in the Gulf and a Saudi oil pipeline resulting in increased tensions. Chevron (CVX) dropped slightly .23% ending the day at $120.52. Exxon (XOM) also closed down at $75.91 down .59%.

Dow 30 components Caterpillar (CAT) closed down a solid 3.04% closing at $122.76 and pharmaceutical giant Merck & Co, Inc. (MRK) slid .52% closing at $78.72.

In the tech sector, Intel (INTC) was down 1.41% closing at $44.89/share. Shares of Microsoft (MSFT) closed down by .67% closing at $128.07.  Apple (AAPL) dropped .57% closing at $189.00/share. Uber Technologies (UBER), the ride-sharing company who priced its IPO at $45 per share last week and raised a whopping $8.1 billion experienced lost 2.53% as it closed at $41.91 after seeing three consecutive positive trading days.

Disney (DIS) also was dragged down to $135.04 down .34%.

The Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions Atossa Genetics (ATOS) saw its shares move higher by .79% closing at $2.54 per share today. On Monday Atossa offered the following Q1 2019 Corporate Developments & Q1 2019 Financial Results. See Complete Story. The Maxim’s Group’s biotech analyst, Jason McCarthy, Ph.D., reiterated his ATOS buy rating yesterday 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) closed at $18.74 down 4.14% post hitting a new all-time intraday high of $20 yesterday. The 52-week range is $8.64 – $20.

Also, out of the healthcare sector, INVO Bioscience, Inc. (IVOB) ended the day up for the second straight day up 6.95%. IVOB is a medical device company, headquartered in Medford, Massachusetts, focused on creating simplified, lower cost treatment options for patients diagnosed with infertility. The company’s lead product, the INVOcell, is a novel medical device used in infertility treatment that enables egg fertilization and early embryo development in the woman’s vaginal cavity. IVOB reported progress yesterday after the markets close as it released its Q1 2019 numbers including revenues for Q1 2019 increasing by 82% and gave us a look into the progress expected in Q2 2019. Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience, commented, “We expect 2019 to be a pivotal year in the history of INVO Bioscience.”

The US Dollar Index moved higher again today by .1% closing at 97.99.

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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