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Midday Market Update

May 03, 2018

US Market Snapshot

US Markets are lower today, with the S&P 500 down (-0.59%), Russell 2000 (-0.91%), and the Nasdaq Composite  (-0.50%).

The S&P 500 is being led lower today by Financials (-2.06%), Health Care (-1.73%), and Consumer Discretionary (-1.42%), while Real Estate (-0.16%), Consumer Staples ( -0.37%), and Utilities ( -0.37%) are the biggest outperforming sectors.

Global Indices 

S&P 500 Sector ETFs - Intraday

Russell 1000 Factor ETFs - Intraday 

Stocks Trending in the News

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American Airlines Group Inc (AAL) has ordered a total of $1.4 billion worth or regional jets, with the deal split evenly between Bombardier Inc (15 CRJ900 planes) and Embraer SA (15 E-175 jets).

Blue Apron Holdings (APRN) has begun to sell meal kits at Costco Wholesale in an attempt to combat slumping sales and rising competition.

DowDuPont (DWDP) plans to divest up to 10% of its portfolio of specialty products. The spun-off unit will carry the DuPont name.

KKR & Co LP (KKR) is converting from a partnership to a corporation, seeking to capitalize on recent corporate tax reforms.

New York Times Company (NYT) announced 1Q2018 EPS that edged higher than the consensus ($0.17 vs $0.16 projected)

Nvidia (NVDA) has been upgraded by Barclays, with the price target raised to $280 from $265, citing Nvidia’s strength in “inference market”. The inference market is built around computers that act on new data to infer an answer.

Pinnacle Foods (PF) reported 1Q2018EPS that was relatively in-line with expectations ($0.57 vs $0.56 estimated).

Volkswagen (VOW3.GR) has remarked that it is unnecessary for CEO Herbert Diess to testify before US Congress. The House Science Committee asked to speak with Diess last month as new investigations are conducted in attempts by Volkswagen to circumvent environmental regulations.

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