Midday Market Update
Jul 11, 2018
US stocks are broadly lower today as escalation of Sino-American trade tensions has dampened investor outlook. Major US indices are in the red with the S&P 500 -0.62%, the Nasdaq Composite -0.47%, and the Russell 2000 -0.48%. Materials (-1.58%), energy (-1.49%) and industrials stocks (-1.17%) are the worst performers in the S&P 500, while only utilities stocks (+0.37%) are in positive territory. The VIX is up 116 basis points, or 9.18%, to 13.80 today. Yield on the US 10-year is up 1.3 basis points to 2.862%. The DXY dollar index is 0.23% higher today led by weakness in the AUD$ (-0.88%), the JPY¥ (-0.70%), the GBP£ (-0.35%), and the EUR€ (-0.31%). The most actively traded options today are SPY July 13 Puts, VIX August 22 Calls, HYG August 17 Puts, and BAC July 13 Calls.
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American Airlines Group (AAL) shares are down 6.34% today, after the company lowered its estimate for revenue per seat flown a mile, a closely watched metric for the airline industry. American Airlines now estimates that revenue per seat mile flown increased by 1%-3%, marking a 0.5% decline on both ends of the range.
Hess Corp (HES) shares are trading 3.23% lower today, after the company was downgraded to underweight from equal weight at Barclays
Mastercard Inc (MA) is trading 1.10% higher, after the company was given a buy rating at MoffettNathanson
Motorola Solutions Inc (MSI) has been upgraded from market perform to outperform at Cowen. Shares of Motorola Solutions are trading 1.63% higher today