Tuesday’s market bounce didn’t amount to much, but stocks have opened much higher this Wednesday morning. Overnight talk that the Fed will raise interest rates for a third time this year caused the dollar to rally this morning. Conventional wisdom and history suggest that stocks would fall on such news, but the reverse is true today. Crude oil prices are also rising, though gold is down on the day. Micron Technology (MU) is up more than 5%.
Here are your Wednesday morning market metrics. Industries doing well today banks, diversified consumer services, and semiconductors. Industries showing weakness include textiles, household products, and equity REITs. The VIX is down 3.3% to 9.84 after closing on Tuesday at 10.17. The most heavily traded options this morning are the Financial Select Sector SPDR ETF (XLF), with 60,021 October-20 26 calls on the board. The total put/call ratio as of 10:00 AM was 0.57 (451,622/257,727). The advancers/decliners ratio for NYSE stocks is 1,451/1,350, while the advancers/decliners ratio for NASDAQ stocks is 1,928/807.