Midday Market Update
Jul 13, 2018
Positive sentiment in US equity markets has rolled over from yesterday, as Sino-American trade tensions continue to ebb. US stocks are broadly higher midday, with the S&P 500 +0.10%, the Nasdaq Composite +0.17%, and the Russell 2000 +0.10%. Energy (+0.99%), consumer staples (+0.56%), and industrials stocks (+0.52%) lifted the S&P 500 higher, while telecommunications (-1.19%), financials (-0.35%), and utilities stocks (-0.32%) are the largest laggards. The VIX is down 1.03%, to 12.45 after closing at 12.58 yesterday. Yield on the US 10-year is down 1.5 basis points to 2.831%. The DXY USD$ index is flat, with strength in the JPY¥ (+0.10%) and GBP£ (+0.08%) being matched by weakness in the EUR€ (-0.03%) and CAD$ (-0.06%). The most actively traded options today are BAC July 20 Calls, SPX July 20 Calls, SPY October 19 Calls, EFA July 20 Calls, and EWZ August 17 Calls.
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Citigroup Inc (C) shares are down 1.74%, after the company posted 2Q2018 EPS that was higher than the consensus ($1.63 vs $1.56 projected), but the firm’s fixed-income revenue missed estimates ($3.08 billion vs $3.16 billion forecasted)
Northrop Grumman (NOC) announced that Kathy Warden will succeed Wes Bush as CEO, when Bush steps down from his position on January 1st. Shares of Northrop Grumman are down 0.98% today
Several MLB teams such as the Nationals, Mariners, and Royals, have suspended ties with the Papa John’s International (PZZA), after the company’s former chairmen John Schnatter’s admission to the use of a racial slur. Shares of Papa John’s are trading 1.01% higher today
Wells Fargo & Co (WFC) is trading 1.70% lower today, after the company reported that total average loans fell $6.9 billion Q/Q, to the lowest level in 2 years. A 3% rise in non-interest expenses furthered dampened investor outlook for the company