After the Open… here come the bears! The major indices were all lower on Monday morning, though none by as much as one percent. The market's usual upward momentum is being thwarted, it would appear, by the same combination of valuation concerns and geopolitical concerns that weighed stocks down at the end of last week. Small biotechnology companies seem to be faring the worst.
Here are your Monday morning market metrics. Industries doing well today include Multiline Retail, Electric Utilities and Multi-utilities. Industries showing weakness include Building Products, Construction Materials and Machinery.
The VIX is up 6.2% to 13.48 after closing on Friday at 12.69. Facebook (FB) options are the most actively traded today, with 30,714 August 75 calls changing hands, as well as 28,268 September 80 calls. The put-call volume ratio is 0.82, (320,340/261,324). NYSE Adv/Dec 1,097/1,747. Nasdaq Adv/Dec 738/1,598. [InvestorsKeyhole, various news and data sources]
Julian Close has been a business writer since the first day of the twenty-first century, having written for PRA International and the United Nations Department of Peacekeeping. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. He became a stockbroker in 1993, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.