June 11, 2017 The Week Ahead

The markets ended the week mixed ahead of the FOMC meeting and announcement. On Friday, the market’s fear index, the VIX, hit a 23-year low during the trading session. Shortly after, Nasdaq stocks started to sell off aggressively.

The June futures in the Nasdaq 100 traded in a range between 5660.25 to 5898.75, closing down 2.46% on the day, at 5740.50.

It’s hard to say what exactly sparked the catalyst. It could have been caused by uncertainty leading up to the FOMC announcement.

Another possibility could have been cautious comments out of Citron Research on Nvidia Corporation calling it a “casino stock.” On Friday, shares of the stock traded in a range between $142.75 and $168.50, closing down -6.46%, at $149.60.

That volatility triggered other Nasdaq names like Apple (-3.88%), Alphabet Inc. (-3.41%), Amazon.com, Inc. (-3.16%), and Facebook Inc. (-3.28%).

The VIX end up modestly higher, closing at 10.70 on Friday, a gain of 5.31%

Here are how some of the most traded ETFs performed over the week: SPDR S&P 500 ETF (SPY) -0.31%, iShares Russell 2000 (IWM) +1.26%, SPDR Dow Jones Industrials Average ETF (DIA) +0.36%, and PowerShares QQQ ETF (QQQ) -2.43%

Here is how some futures/commodity related ETF’s performed over the week: United States Oil Fund (USO) -3.75%, iShares 20+ Year Treasury Bond (TLT) -0.97%, SPDR Gold Shares (GLD) -0.88%.

Below you’ll find what is else is on the schedule for the week:

Key Economic Data:
13 June 2017- PPI 8:30 AM ET
14 June 2017- Consumer Price Index 8:30 AM ET; Retail Sales 8:30 AM ET, EIA Petroleum Status Report 10:30 AM ET: FOMC Meeting Announcement 2:00 PM EST
15 June 2017- Jobless Claims; Philly Fed Survey; Industrial Production 9:15 AM ET
16 June 2017- Housing Starts 8:30 AM ET

Key Earnings:
13 June 2017- HRB
14 June 2017- JBL, LAKE, CRWS
15 June 2017- FNSR, KR

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