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Midday Market Update

Jun 11, 2018

US Market Snapshot                                                                                                                                                                                     Start your free trial today

US stocks are gaining today ahead of the Trump-Kim summit later tonight. The S&P 500 +0.36%, the Russell 2000 +0.17%, and the Nasdaq Composite +0.37% are all moderately higher. The S&P 500 is being led higher today by Consumer Staples (+0.65%), Consumer Discretionary (+0.56%), and Health Care (+0.51%), while Telecom (-0.13%), Utilities (-0.04%), and Financials (+0.20%) are the biggest lagging sectors. The VIX is slightly higher, up 7 basis points, or +0.57%, to 12.26. The US 10-year yield is up 2.4 basis points to 2.959%.  The most actively traded options in US markets today are SPY June 15 OTM Calls, EEM July 20 OTM Calls, and BAC June 15 OTM Calls. The USD$ index is slightly higher, with weakness in EUR€, AUD$, and SEK offsetting strength in CAD$, JPY¥, and GBP£.

How Did European Stocks Close?

European stocks closed higher today, on the back of Italian finance minister, Giovanni Tria, saying that Italy has no plans to leave the Eurozone. All the major indices gained today, with the Euro Stoxx 600 +0.73%, FTSE 100 +0.73%, DAX +0.60%, and the CAC40 +0.43%.  Periphery markets were mostly higher, led by Italy’s MIB +3.42%, with Spain’s IBEX 35 +1.56%, Portugal’s PSI 20 +0.52%, and Greece’s ASE -1.82%. Italy’s 10-year yield fell 26.7 basis points to 2.842%. Over the next few days, the UK Parliament will vote on amendments that will determine the United Kingdom’s relationship with the European Union.

*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

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Boston Scientific Corp (BSX) shares are up 10.64% to $35.35 after the company was reportedly approached by Stryker Corp (SYK) about the potential acquisition of Boston Scientific.

Daimler AG (XTRA:DAI) will recall 774,000 diesel vehicles in Europe, after earlier reports that auto regulator KBA identified improper software in the automaker’s Euro 6 diesel engine. Daimler AG finished trading 0.92% lower to €60.25.

USG Corp (USG) has agreed to be acquired by Knauf KG in a deal valued at $7 billion. Shares of USG Corp are trading 3.79% higher today to $43.01.

PG&E Corp (PCG) stock is down 4.34% to a $39 handle after a California state report that blamed the company for it’s involvement in the fatal wildfires in Northern California. The company announced that is expects “significant liability” stemming from the fires.

Starbucks (SBUX) has partnered with Visa Inc (V) to introduce a Starbucks Rewards Visa prepaid card, the first prepaid or debit card that allows Starbucks customers to earn rewards outside of Starbucks.

Volkswagen AG (XTRA:VOW3) traded 1.18% lower today to €159.20 after the CEO of Volkswagen’s Audi subsidiary, Rupert Stadler, was named as a suspect in Volkswagen’s diesel-rigging scandal.