August 3, 2016 Market Wrap Up
The S&P 500 recovered about half their losses from yesterday, closing the day .3% higher. With that said, volumes were well below average. The SPDR S&P 500 traded about 52 million shares, whereas on average it trades around 80-85 million.
Stocks in play today include: Genworth Financial (GNW) +28.7%, 3D Systems (DDD) +17.6%, Cray (CRAY) -30.4%, and Kate Spade (KATE) -18.7%
The VIX closed lower, now trading below 13 at 12.86.
Crude oil futures surged today, climbing over 4% and closing above $41 per barrel.
On the options front, we saw large call buying activity in Gap (GPS) and Michael Kors (KORS).
This evening we got earnings out of Tesla Motors (TSLA) -.96%, Tripadvisors (TRIP) -7.7%, and Herbalife (HLF) +2.86% to name a few.
Here’s what’s on tap for tomorrow and the rest of the week:
Key Economic Data:
4 August 2016- Jobless Claims 8:30 AM ET
5 August 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET
Key Earnings:
4 Aug 2016- DUK, K, MGM, NOK, PCLN, SEAS, SSYS, TEVA, TIME, VIAB, ANET, ATVI, CSOD, FLR, FSLR, IMPV, KHC, LGF, LNKD, OLED, TRUE, TTWO, ZG, ZNGA
5 Aug 2016- WY, WLTW, HSBC, CTSH, AES
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