July 28, 2016 Market Wrap Up

The S&P 500 closed relatively flat ahead of a heavy earnings schedule and the aftermath of the FOMC meeting.

Stocks in play today include: Cirrus Logic (CRUS) +19.2%, Jazz Pharmaceuticals (JAZZ) +7.7%, Infinera (INFN) -33.6%, and GNC Holdings (GNC) -25%.

The VIX closed lower, now trading below 13 at 12.72.

Crude oil futures are down 6 straight days, trading barely above $41 per barrel.

On the options front, we saw large call buying activity in FireEye (FEYE), which traded 4.9 times normal volume. We also saw a ton of bearish bets being placed in Seadrill (SDRL), which traded 2.2 times usual volume.

This evening we got earnings out of Amazon (AMZN) +4.3%, Alphabet (GOOGL) +6.3%, Expedia (EXPE) -3.5%, and Eastman Chemical (EMN) -6.6% to name a few.

Here’s what’s on tap for tomorrow:

Key Economic Data:
29 July 2016- GDP 8:30 AM ET

Key Earnings:
29 July 2016- ABBV, AN, BUD, CBOE, CPN, CVX, LYB, MRK, NWL, PSX, SAVE, UPS, WG, XOM

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