Stocks Fall Friday Amidst Quadruple Witching And Continued Reactions To FOMC Statement

Last Updated: Friday, June 18, 2021 2:25 PM | Nick Dey

During trading Friday, 27 stocks traded to a 52-week high, while 8 stocks bottomed out at new 52-week lows. The S&P 500 is down 0.9% so far today while the Dow is down 1.22%, the Nasdaq is down 0.64%, and the Russell 2000 is down 1.81%.

All major indices are posting losses Friday afternoon. Short-term yields are rising following the surprisingly hawkish FOMC statement on Wednesday, while the long-end rates have remained steady. This flattening of the yield curve implies lower economic growth expectations for the future than investors had originally expected. Meanwhile, option and future contracts are set to expire today in a phenomenon as 'quadruple withching', which may make for a volatile afternoon Friday as investors rebalance their portfolios while options and futures contracts get covered.

Sector Highlights

Technology stocks dominated our list of highs today with 10 out of the 27 total stocks that reached their high coming from the Technology sector. The Technology sector is outperforming the market, decreasing 0.54% so far on the day. Over the last month the Technology sector has outperformed the market, increasing 5.42% while the S&P increased 1.15%.

NVIDIA (NVDA) is on highs today after BofA Securities raised their price target for the company by $100 to $900 per share and despite a NVDA director dumping 50,000 shares for a total of $35.8 million. Meanwhile, Adobe (ADBE) is on highs after the company beat earnings expectations with profits of $3.03 per share on estimates for $2.82 per share.

Technology: ADBE, DT, EPAM, FTNT, HUBS, INTU, NVDA, PRFT, SWCH, TEAM

Healthcare had the second largest presence on our 52-week highs, with 9 out of 27 highs coming from the Healthcare sector. The Healthcare sector is outperforming the market today, decreasing 0.89% so far on the day. Over the last month the Healthcare sector has outperformed the market, increasing 1.28% while the S&P increased 1.15%.

Healthcare: CPRX, EW, IDXX, MTD, PTGX, RMD, STAA, TECH, WST

The Lists

The following stocks traded to 52-week highs: ADBE, ATEX, CAI, CPRX, DT, EPAM, EW, EXR, FTNT, GNRC, HUBS, IDXX, ILPT, INTU, MTD, NSA, NVDA, PRFT, PSA, PTGX, RMD, STAA, STAG, SWCH, TEAM, TECH, WST

The following stocks traded to 52-week lows: BCEL, CNNE, COG, FF, HTLD, MNOV, RNR, SNCR

The following ETFs traded to a 52-week high: VNM

The following ETFs traded to a 52-week low: SHY

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