December 1, 2016 Market Wrap Up
The S&P 500 closed the day lower, however; some sectors performed much better than others. For example, we saw a lot of weakness in tech stocks, the Nasdaq was down 1.36% on the day. While energy related names did fairly well off the momentum of yesterday’s OPEC meeting.
With that said, we saw a bid in the VIX, as it closed above 14, at 14.07.
Crude oil futures have been on an absolute tear over the last two days off the strength of the OPEC meeting. They’re now trading above $50 per barrel and just 5% off the year to date highs. Overall, crude oil futures are up more than 12% over the last two sessions.
On the options front, we saw large call buying activity in Microsemi Corp (MSCC), which traded 2.4 times normal option volume. In addition, we saw heavy put buying in McCormick and Co (MKC), which saw 15.9 times normal options volume.
Here’s what’s on tap for the rest of the week:
Key Economic Data:
2 Dec 2016- Employment Situation 8:30 AM ET
Key Earnings:
2 Dec 2016- BIG, FRED
Key Conferences:
Credit Suisse Tech, Media and Telecom Conference
Bank America Auto Dealer Day Conference
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