Wall Street Eyes Rebound Ahead of Quadruple Witching

The S&P 500 is on pace for its worst weekly loss since March 2020

Managing Editor
Jun 17, 2022 at 9:07 AM
facebook twitter linkedin


Futures on the Dow Jones Industrial Average (DJIA) look to be in recovery mode, after the index yesterday slipped below 30,000 for the first time in over a year. Investors are also eyeing a potentially volatile session ahead of this quarter's quadruple witching later today.

Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are moving higher as well, though the former remains on track for its worst weekly loss since March 2020. Fed Chair Jerome Powell, speaking at a Fed-sponsored conference, reiterated that the central bank was "acutely focused on returning inflation to our 2 percent objective.”

Continue reading for more on today's market, including:

  • Senior Market Strategist Matthew Timpane on how to navigate the volatile market with options.
  • Behind the homebuilder stock options bears love before earnings.
  • Plus, ADBE's post-earnings plunge; Roku's latest partnership; and Baird hands out a bull note.

futuresjune17

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) single-session equity put/call ratio rose to 0.86 today.
  2. Adobe Inc (NASDAQ:ADBE) is down 4.4% in pre-market trading, after the software company reported worse-than-expected outlooks for both its current quarter and full year. The tech giant cited geopolitical tensions out of Ukraine and exchange rates as catalysts for the lackluster report. Year-to-date, ADBE has shed 35%.
  3. Streaming stock Roku Inc (NASDAQ:ROKU) is moving 4.1% higher in electronic trading, after revealing a partnership with Walmart (WMT). The Netflix rival will allow viewers to buy Walmart items while using the platform. ROKU is down more than 65% so far.
  4. Credit card stock American Express Company (NYSE:AXP) is up 1.7% heading into today's trading, after landing an upgrade to "outperform" from "neutral" at Baird. The brokerage cited "relentless panic selling" as an ideal buying entry point. AXP has been on a long-term downtrend, off 16% year-over-year.
  5. To close out the week, today will feature capacity utilization, leading economic indicators, and the industrial production index.

OV Buzz Chart June 17

Asian Markets Mixed After BoJ Announcement

Asian markets saw mixed settlements to end the week. The losers were led by the Nikkei in Japan, which shed 1.8% after the Bank of Japan (BoJ) announced it would maintain its dovish monetary policy, unlike most central banks across the globe. Meanwhile, the Hong Kong Hang Seng rose 1.1%, the Shanghai Composite in China added nearly 1%, and the South Korean Kospi fell 0.4%.

In Europe, stocks are trying to recover from a wild week, even as data rolled in confirming euro zone inflation hit 8.1% in May -- marking a record high. At last glance, the London FTSE 100 is 1% higher, the French CAC 40 is up 1.1%, and the German DAX has added 1.2%.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

SCHAEFFER'S JULY STOCKS REPORT AD
 


 


 
Special Offers from Schaeffer's Trading Partners