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Chris L

What happened today - Sep 9, 2020

Today's Market and Options Summary -

Daily Synopsis

• ⁠The S&P 500 fell 1.8% on Thursday in a broad-based retreat led by shares of technology and energy companies. The Nasdaq Composite declined 2.0%, the Dow Jones Industrial Average declined 1.5%, and the Russell 2000 declined 1.2%.

• ⁠The day started with the S&P 500 up 0.8%, and briefly surpassing yesterday's intraday high, on the back of leadership from the mega-caps and growth stocks. The latter might have benefited from an underwhelming weekly initial jobless claims report, which was unchanged at 884,000 (consensus 813,000).

• ⁠On no specific news, though, these stocks quickly turned around and the selling carried over to the broad market throughout the day. All 11 S&P 500 sectors finished in red, and 29 of the 30 Dow components finished lower.

• ⁠The information technology (-2.3%) and energy (-3.7%) sectors declined more than the S&P 500, while the materials sector (-0.9%) was a relative outperformer. At one point today, the influential tech sector was up 2.6%.

• ⁠Some factors that might have pressured sentiment included the inability to sustain yesterday's rebound, suggesting that there was still more selling ahead, and news that the Senate failed to pass its $300 billion coronavirus relief bill. Granted, no one was expecting that bill to get very far, but it reflected the burgeoning pessimism surrounding another relief bill.

• ⁠As equities steepened losses throughout the afternoon, money flowed into longer-dated U.S. Treasuries in a safety trade. The 2-yr yield increased one basis point to 0.14%, while the 10-yr yield decreased two basis points to 0.69%. The U.S. Dollar Index advanced 0.2% to 93.41. WTI crude futures fell 2.1%, or $0.78, to $37.27/BBL.

• ⁠Bucking the trend today was RH (RH 385.46, +64.38, +20.1%) after the furniture and home accessories company exceeded quarterly expectations. RH shares surged 20% to fresh record highs.

• ⁠Looking ahead, investors will receive the Consumer Price Index for August and the Treasury Budget for August on Friday.

Index Summary

S&P 500 : (-1.74%); NasDaq : (-2.05%);

Russell 2000 :(-1.3%); Dow :(-1.45%);

**Vix :**29.71 0.9 (+3.12%)

Sector Summary -

Three highest sectors for today were -

Materials: (-0.94%); Consumer Staples: (-1.23%); Industrials: (-1.28%)

Three lowest sectors for today were -

Energy: (-3.67%); Information Technology: (-2.26%); Utilities: (-1.72%)

Commodities/Futures

(1-day %), [5-day %], {10-day %}

Currency -

**USD Index :**93.258 (+0.15%); [+0.72%]; {+1.26%}; **BC :**10320 (+0.44%); [-3.31%]; {-12.53%}

Precious Metals -

**Gold :**1954.9 (-0.05%); [+1.36%]; {-1.45%}; **Silver :**27.083 (-0.21%); [+1.08%]; {-4.45%}

Farming -

**Soybeans :**978.75 (-0.1%); [+0.85%]; {+2.79%}; **Corn :**360.25 (+1.46%); [+5.26%]; {+4.88%};

**Coffee :**128.85 (+0.97%); [-3.49%]; {+0.23%}

Industrials -

**Crude :**38.05 (-2.6%); [-10.42%]; {-13.87%}; **Nat Gas :**2.406 (-4.03%); [-7.16%]; {-12.44%}

**Copper :**3.0515 (-2.59%); [+0.49%]; {-1.95%}

Options Fast Facts

Total Put/Call Ratio - .74

Highest Multiple Over Daily Average - NAV with 13x the ADV of 1370. There were 3801 calls and 14297 puts.

***Ticker with Most Contracts -***PTON with 340502 contracts traded today with an AVD of 103675. There were 218495 calls and 122007 puts.

Largest Put / Call Ratio - VGK with a 51 P/C ratio. There were 10032puts and 197 calls.

Largest Call / Put Ratio - OMER with a240 C/P ratio. There were 21341 calls and 89 puts.

*Stocks must be >$6, Highest Multiple must have >1k ADV, Largest ratios must have an option volume >10k

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