March 15, 2016 Market Wrap Up
It was a rather dull day in the equity markets, as traders await the FOMC announcement tomorrow. The S&P 500 is down less than half of a percent over the last two trading days.
The SPDR S&P 500 (SPY) had a low of 201.05, a high of 202.07, closing relatively flat at 199.54.
Oil traded lower, the United States Oil Fund (USO) closed the day at 9.75, down about 1.2%
The VIX closed above 17, down less than half of a percent at 16.84.
On the options front, we saw large call buying activity in Pacific Gas and Electric Company (PCG). In addition, we saw heavy put buying in Navient Corporation (NAVI), which was 16.2 times usual options volume.
Stocks in play included: Mallinckrodt (MNK) -15.5%, Valeant Pharmaceuticals (VRX) -51%, and Mead Johnson Nutrition Company (MJN) +11%
Here’s what’s on tap for tomorrow and the rest of the week.
Key Economic Data:
16 March 2016- CPI 8:30 AM ET, Housing Starts 8:30 AM ET, Industrial Production 9:15 AM ET, EIA Petroleum Status Report 10:30 AM ET, FOMC Meeting Announcement 2:00 PM ET, Fed Chair Press Conference 2:30 PM ET
17 March 2016- Jobless Claims 8:30 AM ET, Philly Fed Survey 8:30 AM ET
Key Earnings:
16 March 2016- CTRP, FDX, GES, JBL
17 March 2016- ADBE, ARO, LE, MIK
Key Conferences:
14 March 2016- Citigroup CEO Conference (runs till 3/16)
15 March 2016- Bank of America Global Industrials and Autos Conference (runs till 3/18), Barclays Global Healthcare Conference (runs till 3/17)