August 25 2016 Market Wrap Up
The S&P 500 closed relatively flat, but still down on the day. A lot of attention has been in medical stocks, as politicians are criticising their business model and even accusing them of using aggressive and unethical pricing methods on drugs. However, attention should focus back to the Jackson Hole meeting, as Fed Chairperson Yellen is set to give a speech. In addition, GDP numbers will be released before the start of the US session.
Stocks in play today include: Dollar General (DG) -17.6%, Signet Jewelers (SIG) -12.6%, St. Jude Medical (STJ) -4.96%, and Mylan (MYL) -.70%
Over the last couple of trading sessions we’ve seen a slight bid in the VIX, closing higher for the second straight day at 13.63.
Crude oil futures bounced back a little from yesterday’s pullback, climbing more than 1% and closing above $47 per barrel.
On the options front, we saw large call buying activity in Salesforce COM (CRM), which traded 2.3 times normal option volume. In addition, we saw heavy put buying in St Jude Medical (STJ) 60 times normal options volume.
Here’s what’s on tap for tomorrow:
Key Economic Data:
26 Aug 2016- GDP 8:30 AM ET, International Trade in Goods 8:30 AM ET
Key Earnings:
26 Aug 2016- BIG
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