Midday Market Update
May 10, 2018
US Market Snapshot
US markets are rallying today, with the S&P 500 (+0.95%), Russell 2000 (+0.77%), and Nasdaq Composite (+0.88%).
The S&P 500 is being led higher today by Health Care (+1.68%), Materials (+1.23%), and Consumer Staples (+1.08%), while Consumer Discretionary (+0.30%), Telecom (+0.52%), and Energy (+0.63%) are the biggest lagging sectors.
S&P 500 Sector ETFs - Intraday
Russell 1000 Factor ETFs - Intraday
Stocks Trending in the News
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Apple (AAPL) and Goldman Sachs (GS) are planning to release a joint credit card. The credit card would be under the Apple Pay brand. Apple shares are up 1.29%, while Goldman Sachs shares are up 1.21%.
Geely Auto (SEHK:175) is preparing to IPO its Volvo Car business and values the company between $16 billion to $30 billion. Geely has chosen Citigroup (CITI), Goldman Sachs (GS), and Morgan Stanley (MS) as the banks to advise on the IPO. Geely shares closed down 0.66% in Asia. Citi shares are up 1.30%, Goldman shares are up 1.21%, and Morgan Stanley shares are up 1.68%.
Eli Lilly & Co (LLY) will acquire ARMO BioSciences Inc. (ARMO) for $50/share or $1.6 billion. This is approximately a 68% premium to ARMO’S Wednesday closing of $29.82. Eli Lilly shares are up 2.30%, while ARMO shares are up 66.93%.
iQiyi Inc. (IQ), the Chinese streaming service, announced that over one million users signed up for its joint membership program with JD.com (JD). This program began on April 27, 2018. iQiyi shares are up 16.18%, while JD shares are down 0.38%.
Spotify (SPOT) will stop promoting artist R. Kelly, who has been accused of sexual abuse. R. Kelly’s music will still be available on the platform. Spotify shares are up 5.33%.
Wells Fargo (WFC) purchased 3.8% of Solaris Oilfield Infrastructure’s (SOI) Class A Stock. The current market value of these shares is $18.9 million. Wells Fargo shares are up 1.67%, while Solaris shares are down 7.29%.
Cryptocurrency Market Update