Midday Market Update

Jun 06, 2018

US Market Snapshot

US stocks are trading higher today, with the S&P 500 +0.39%, Russell 2000 +0.19%, and the Nasdaq Composite +0.20%. The S&P 500 is being led higher today by Financials (+1.60%), Materials (+0.99%), and Health Care (+0.66%), while Utilities (-1.48%), Telecom (-0.36%), and Energy (-0.25%) are the biggest lagging sectors. The VIX is down 29 basis points, or 2.34%, to 12.11.  The most actively traded options in US markets today are SPY June 15 ATM calls and OTM Puts, and BAC June 8 ATM calls. The US 10-year yield is up 6.5 basis points to 2.976%. The USD$ is weaker against the majority of G10 currencies, only gaining against the CHF and JPY¥.

How Did European Stocks Close?

European stocks closed sideways today, with the Euro Stoxx 600 +0.00%, FTSE 100 +0.33%, DAX +0.34%, and the CAC40 -0.06%. Periphery markets traded mixed today, with Italy’s MIB +0.26%, Spain’s IBEX 35 +1.09%, Portugal’s PSI 20 +0.52%, and Greece’s ASE -1.05%. Italy’s 10-year bonds continue to fall, with yields rising 15 basis points to 2.913%.

*Data in Price Return

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.

Athenahealth Inc (ATHN) CEO and co-founder Jonathan Bush announced that he will be stepping down from his position following numerous sexual misconduct accusations. There has been external interest in acquiring Athenahealth, most recently from Elliot Management Corp which made a proposal to buy the firm for $160/share. Athenahealth shares are up 4.04% to $157.25.

Floor & Décor Holdings (FND) is up 6.23% to $51.84 per share after the firm was upgraded to overweight, from a neutral rating, at Piper Jaffray. Piper Jaffray raised its price target for Floor & Décor Holding to $58 from $51.

Micron (MU) shares are down 1.08% to $58.77 after Longbow warned that a normalization of the DRAM price cycle could hurt Micron’s near-term investment outlook.

Tesla’s (TSLA) stocks is up 7.48% to $312.90, after CEO Elon Musk expressed confidence that the company can meet its production target of 5,000 Model 3 sedans per week beginning at the end of the month. 

Twitter Inc (TWTR) is selling $1 billion worth of bonds in the second debt offering in company history.

UnitedHealth (UNH) has renewed its share buyback program, authorizing the repurchase of 100 million shares, which is equal to nearly 10% of the company’s outstanding stock

YY Inc (YY) shares are down 7.46% today, after guidance for 2Q2018 revenue provided by the company implies that revenue growth “momentum is slowing more quickly than Wall Street expected”, according to Morgan Stanley (MS).