May 12, 2016 Market Wrap Up
The S&P 500 sold off today, however; we closed well above the lows of the day to get near unchanged levels. The Nasdaq sold off nearly 1% as many tech names were under pressure. For example, Apple (AAPL) broke the $90 level during the day, closing down more than 2%.
We also saw continued selling in retail names for the second straight day. Not to mention, another strong day in Amazon (AMZN) +0.5%, closing above $716 per share. We had earnings out of Nordstrom this evening, shares have dropped more than 16% in the after hours… again, following similar companies who have already posted earnings results.
The United States Oil Fund (USO) was up more than 0.88% today, shaking off earlier losses in the day.
The VIX dropped nearly 2%, closing the day at 14.69.
On the options front, we saw large call buying activity in Endo International PLC (ENDP). In addition, we saw heavy put buying in Bristow Group Inc (BRS), which saw 11.4 times usual options volume.
Here’s what’s left for the rest of the week:
Key Economic Data:
13 May 2016- Retail Sales 8:30 AM ET, PPR-FD 8:30 AM ET
Key Earnings:
13 May 2016- JCP