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Midday Market Update

Jun 12, 2018

US Market Snapshot

US stocks are higher today following last night’s Trump-Kim Summit, and CPI data in line with estimates. The S&P 500 +0.24%, the Russell 2000 +0.68%, and the Nasdaq Composite +0.58% are all moderately higher. The S&P 500 is being led higher today by Telecom (+1.11%), Consumer Discretionary (+0.63%), and Utilities (+0.62%), while Energy (-0.17%), Health Care (-0.07%), and Consumer Staples (+0.04%) are the biggest lagging sectors. The VIX is slightly lower today, down 25 basis points, or 2.02%, to 12.10. The US 10-year yield is little changed today, trading at 2.965%. The most actively traded options in US markets today are VIX August 22 OTM Calls, SPY August 17 OTM Calls, and XLU September 21 OTM Puts. The USD$ is falling against most G10 currencies, depreciating against GBP£, EUR€, CHF, while appreciating against JPY¥, CAD$, and AUD$

How Did European Stocks Close?

European stocks closed mostly lower today, shrugging off the news out of the Trump-Kim Summit. Most major indices were lower, with the Euro Stoxx 600 -0.11%, FTSE 100 -0.43%, and CAC40 -0.38%, while the DAX +0.00% ended flat. Periphery markets ended higher today, with Italy’s MIB +0.15%, Spain’s IBEX 35 +0.16%, Portugal’s PSI 20 +0.32%, and Greece’s ASE +0.46%. The German 10-Year Bund was little changed, trading at 0.489%. Italy’s 10-Year yield rose 1.4 basis points to 2.859%.

*Data in Price Return, Source: Stockdio 

S&P 500 Sector ETFs - Intraday

*Data in Price Return, Source: Stockdio

Russell 1000 Factor ETFs - Intraday 

*Data in Price Return, Source: Stockdio

Stocks Trending in the News

Click name for Q-Factor rating and financial data.

Arthur J Gallagher & Co (AJG) is down 1.00% to $66.57 in today’s trading after the company announced the acquisition of H.R Keller & Co, Inc, a Buffalo-based travel insurance firm.

Concho Resources (CXO) credit has been upgraded to investment grade at Moody’s Corp., rising to Baa3 from Ba1. Shares of Concho Resources are up 3.03% to $133.56 today.

The New York Court of Appeals has found that Credit Suisse Group AG (SWX:CSGN) is not responsible for paying the entirety of an $11 billion lawsuit, won by New York’s attorney general in 2012, regarding the company’s business practices involving mortgage-backed securities prior to the 2008 financial crisis.

John Wiley (JW.A) reported 4Q2018 EPS that was higher than expected ($0.94 vs $0.79 projected). John Wiley’s stock is up 2.03% to $70.30 today.

Movado (MOV) shares are down 2.71% to $50.30 in today’s trading after the company was downgraded to neutral from a buy rating at Sidoti. Sidoti has set its price target for Movado at $57.