Indecision as markets meet resistance

Stocks are mixed Friday morning. The first hour of trading saw the market move higher, then sharply lower, and then recover most of the ground it lost. Big banks are lower this morning after JP Morgan (JPM), Citigroup (C) and Wells Fargo (WFC) all failed to impress investors with their quarterly reports.

At present, the S&P 500 is up 0.08%, the DJIA is up 0.25%, and the NASDAQ is up 0.16%.

Industries doing well today include Multiline Retail, Personal Products, and Distributors. Industries showing weakness include Metals & Mining, Banks, and Consumer Finance. The VIX is down 0.12 to 12.46 after closing yesterday at 12.58. The most heavily traded options this morning are for the SPDR S&P 500 Trust ETF (SPY), with 13,500 Sept 21 263 puts on the board. The total put/call ratio as of 10:00 AM was 0.90 (281,765/313,443). The advancers/decliners ratio for NYSE stocks is 1,520/1,328, while the advancers/decliners ratio for NASDAQ stocks is 1,450/1,348.

Symbols: C JPM SPY WFC
Bobby Raines

Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.

You May Also Like