Midday Market Update
Jul 10, 2018
US stocks are mixed with the S&P 500 +0.33%, the Nasdaq Composite +0.12%, while the Russell 2000 is -0.29%. Utilities (+1.03%), consumer staples (+0.82%), and energy stocks (+0.68%) ware leading the S&P 500 higher, while only financials stocks (-0.20%) are in negative territory. The VIX is down 12 basis points, or 0.95%, to 12.57. The yield on the US 10-year is up 1.1 basis points to 2.867%. The DXY is up 0.16% today, with broad weakness in Asian and European currencies. The most actively traded options today are SPY July 20 Calls, VIX July 18 Puts, QQQ August 17 Puts, and EEM August 17 Puts.
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Cincinnati Bell Inc (CBB) shares are down 7.51% today after the company was downgraded at UBS to neutral from a buy rating, citing pressure from the recently closed Hawaiian Telecom deal at the catalyst for the downgrade
Sonic Automotive Inc (SAH) has been downgraded to underweight from overweight at Morgan Stanley. Shares of Sonic Automotive traded 7.37% lower today following this development
Walgreens Boots Alliance (WBA) shares are down 1.08% today, after it was downgraded at Evercore from outperform to in-line, citing potential headwinds as the cause for the limited upside for the firm
Wynn Resorts (WYNN) stocks is trading 3.71% higher today, after the company was upgraded to buy from a neutral rating at Stifel