Midday Market Update

Jun 05, 2018

US Market Snapshot

US stocks are trading sideways, falling off earlier highs, with the S&P 500 -0.15%, Russell 2000 +0.12%, and the Nasdaq Composite +0.01%. The S&P 500 is being led lower today by Financials (-0.69%), Consumer Staples (-0.54%), and Health Care (-0.44%), while Materials (+0.61%), Telecom (+0.25%), and Consumer Discretionary (+0.25%) are the biggest outperforming sectors. The VIX is up 34 basis points, or 2.59%, to 13.08.  The most actively traded options in US markets today are MYL June 15 OTM calls, XLF July 20 OTM calls, and SPY June 8 OTM puts. The US 10-Year yield is slightly lower, down 3.1 basis points to 2.901%. The USD$ index is slightly lower today, with a strengthening AUD +0.45%, CAD +0.58% offsetting weakness in the GBP£ -0.50%, JPY¥ -0.16% and EUR€ -0.05%.

How Did European Stocks Close?

European stocks closed mixed with a negative bias. The Euro Stoxx 600 -0.28%, FTSE 100 -0.67%, CAC40 -0.10% all finished down, while the DAX +0.15%, was the only the only major European index higher. Periphery stock markets ended mixed as well, with Italy’s MIB -1.18%, Spain’s IBEX 35 -0.66%, Portugal’s PSI 20 +0.01%, and Greece’s ASE +1.38%. Italian 10-Year yields rose 21 basis points to 2.751% after Italian Prime Minister Giuseppe Conte said that he is seeking support for a populist government.

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S&P 500 Sector ETFs - Intraday

*Data in Price Return

Russell 1000 Factor ETFs - Intraday 

*Data in Price Return

Stocks Trending in the News

Click name for Q-Factor rating and financial data.

General Electric’s (GE) healthcare unit, GE Healthcare Inc, is being sued by Eastman Kodak Co (KODK) over allegations that the company’ image analysis and software management infringes on numerous patents. General Electric’s stock is up 0.36% today.

International Paper (IP) will reportedly end its pursuit of Irish packaging manufacturer Smurfit Kappa Group Plc (ISE:SK3), after International Paper’s two previous acquisition attempts were rebuffed. International Paper’s stock is up 0.37%, while Smurfit Kappa Group’s stock finished 1.39% higher.

Sears Holdings (SHLD) shares are up 7.91% today, after the company announced that the SEC has granted Sears a 2-year extension for repaying lenders.

Tapestry Inc (TPR) shares are down 0.82% following the reported death of fashion designer Kate Spade. Tapestry Inc owns the Kate Spade brand.

Twenty-First Century Fox’s (FOXA) proposal to acquire SKY Plc (LSE:SKY) will reportedly be approved by UK regulators, though the deal is not settled yet. Twenty-First Century Fox’s (FOXA) stock is up 0.61% today.