March 2, 2017 Market Wrap Up

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The markets sold off today on rather light volume. However, today’s headlines were dominated by Snap. The much anticipated IPO traded over 216M shares on its opening day, closing up more than 40%, at 24.48. With that said, this was the largest IPO in over 2 years.

Strong earnings performers included: Abercrombie & Fitch Company (ANF), Burlington Stores (BURL), and Intrexon (XON)

Weak earnings performers included: Costco Wholesale (COST), Anheuser-Busch (BUD), and Shake Shack (SHAK)

ETF Performers: United States Oil Fund (USO) -2.02%, iShares 20+ Year Treasury Bond (TLT) -0.43%, SPDR Gold Shares (GLD) -1.23%.

On the options front, we saw large call buying activity in HRG Group Inc (HRG), which traded 5.2 times normal option volume. In addition, we saw heavy put buying in Fastenal Company (FAST), which traded 2.6 times normal option volume.

There are no major events on the schedule for tomorrow.

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