“Unsettlingly Higher” Vista Partners Daily Market Recap 5/15/19

By John Heerdink LinkedIn

US markets moved unsettlingly higher today, but not before they dropped coming out of the gates.   The slow start for the markets could be easily attributed to the lingering US-China trade war,  but the mood was also dampened by other factors. US Retail sales were reported to have fallen .2% in April when economists had expected a .2% gain. If that wasn’t enough the markets also had to digest the fact that US industrial production declined in April by .5% surprising economists that were expecting a flat report. To further complicate the world’s economic complexion, China reported less than stellar April retail (7.2% YoY vs 8.6% estimated) and industrial numbers (5.4% YOY.) The saving grace today came from President Trump’s camp when it was reported broadly that they may pause the implementation of tariffs on autos prior to the May 18th line in the sand. The markets then proceeded to jump out of the early hole it had dug and ended soundly in positive territory.

The S&P 500 moved higher today ending the session up .58% at 2834.41. The Dow rose 115 points up .45% ending at 25,648.02 while the Nasdaq jumped 1.13% closing at 7822.12 and the Russell 2000 managed to rise .3%.

The CBOE Volatility Index (VIX) closed sharply down again a solid 8.97% closing at $16.44 and traded between $16.41 – $19.15. The 2x leverage ETF TVIX also closed down $24.38 down 8.0% and traded between $24.26 and $28.25 today.

Dow 30 components Caterpillar (CAT) closed down slightly by .13% closing at $127.30 and retail giant Walmart (WMT) fell .39% closing under 100 again at $99.90.

Out of the energy sector, Chevron (CVX) was up .5% ending the day at $122.25. Exxon (XOM) was up closing at  $76.37 up .74%.

In the tech sector, Intel (INTC) pushed higher by a full 1% closing at $45.62/share. Shares of Microsoft (MSFT) closed up 1.41% closing at $125.70. Apple (AAPL) popped 1.20% closing at $190.92/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 realized its second positive trading day in a row as it closed up 3.31% closing at $41.21/share.

Disney (DIS) also had a good day closing at $134.74 up 1.11% today.

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 3.83% closing at $2.44 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 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) also had a great day closing near the HOD at $18.37 or 6.31%. The 52-week range is $8.64 – $19.11.

Also, out of the healthcare sector, INVO Bioscience, Inc. (IVOB) ended the day flat. 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 today 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.”

Further afield, oil prices rose .4% closing at $62.06/bbl & the  US Dollar Index moved higher again today by .1% closing at 97.58.

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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