September 29, 2016 Market Wrap Up

The S&P 500 sold off nearly 1%, as financial stocks were the main culprit. News out of Europe indicates that some of their banks might have exposure to too much risk. With the Wells Fargo scandal still fresh on the mind of traders, it didn’t take much for fears to enter the market.

Stocks in play today included: Deutsche Bank (DB) -6.7%, Credit Suisse (CS) -4.4%, NXP Semiconductors (NXPI) +17%, and Qualcomm (QCOM)

The VIX surged more than 13%, climbing 1.63 pts and closing at 14.02.

Oil prices continued their strength despite some worries that the OPEC cut agreement might not stick. With that said, the futures were up 1.4% today, adding to the more than 7% gains on the week.

On the options front, we saw large call buying activity in Baker Hughes (BHI), which traded 5.1 times normal option volume. In addition, we saw heavy put buying in Deutsche Bank (DB), which saw 9.6 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
30 Sep 2016- Personal Income and Outlays 8:30 AM ET

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