June 28, 2016 Market Wrap Up
The S&P 500 caught its first bounce after the Brexit announcement, as it closed up more than 35 points, a gain of nearly 1.8%. Not only that, but the VIX came under attack as it dropped more than 20% and closing below 19.
Stocks in play today include: comScore, Inc (SCOR) $23.83 (-18.96%), Dow Chemical Company (DOW) $48.50 (-2.04%), PayPal Holdings (PYPL) $35.24 (+3%), and Splunk, Inc. (SPLK) $53.34 (+4.65%).
Despite the anemic volume, the VIX actually grinded up, closing at 14.64.
Crude oil futures closed about %3 higher at $47.85.
On the options front, we saw large call buying activity in Travelport Worldwide Limited (TVPT), which traded 8.1 times normal volume. We also saw a ton of bearish bets being placed in Clovis Oncology Inc (CLVS), which traded 2.2 times usual volume.
Here’s what’s left for the rest of the week:
Key Economic Data:
29 June 2016- Personal Income and Outlays 8:30 AM ET, EIA Petroleum Status Report 10:30 AM ET
30 June 2016- Jobless Claims 8:30 AM ET
01 July 2016- ISM Mfg Index 10:00 AM ET
Key Earnings:
29 June 2016- GIS, MON, PIR
30 June 2016- CAG, DRI, LNN, STZ, MU, MKC
Key Events:
JPMorgan Media & Telecoms CEO Conference (runs till 6/29)