Equities

Equity Indices At New Record Highs On Low Volume, Low Volatility Day

Value and small-cap stocks overperformed today on a broad market rise, with utilities and energy the leading sectors in the S&P 500

Published ET

Downside volatility is back to the same levels as last month, with a steeper curve | Sources: ϕpost, Refinitiv data

Downside volatility is back to the same levels as last month, with a steeper curve | Sources: ϕpost, Refinitiv data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 0.52%; Nasdaq Composite up 0.13%; Wilshire 5000 up 0.44%
  • 80.2% of S&P 500 stocks were up today, with 90.7% of stocks above their 200-day moving average (DMA) and 54.3% above their 50-DMA
  • The turnover of S&P 500 shares traded today was $56.1 bn, with 0.5 bn shares traded
  • Top performing sectors: energy up 1.72% and utilities up 1.13%
  • Bottom performing sectors: consumer staples down -0.28% and technology up 0.10%
  • The S&P 500 Value Index was up 0.7%, while the S&P 500 Growth Index was up 0.4%; the S&P small caps index was up 0.7% and mid caps were up 0.8%
  • The volume on the INX was 1.8m (3-month z-score: -0.9); the 3-month average volume is 2.1m and the 12-month range is 0.8 - 5.1m
  • Daily performance of international indices: Europe Stoxx 600 up 0.62%; China CSI 300 down unchanged; Japan up 0.76%; UK FTSE 100 up 1.25%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 10.8%, down from 11.8%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 11.6%, down from 11.9%
S&P 500 Returns By Sectors Today | Sources: ϕpost, Refinitiv dataS&P 500 1-Month At The Money Volatility | Sources: ϕpost, Refinitiv data

NOTABLE S&P 500 EARNINGS RELEASES

  • McCormick & Company Inc (Consumer Non-Cyclicals): beat on EPS (0.69 act. vs. 0.59 est.) and beat on revenue (1,557m act. vs. 1,376m est.)
  • Walgreens Boots Alliance Inc (Consumer Non-Cyclicals): beat on EPS (1.51 act. vs. 1.11 est.) and missed on revenue (34,030m act. vs. 35,531m est.)

TOP WINNERS

  • Pop Culture Group Co Ltd (VRAR), up 97.7% to $17.66 on its IPO debut
  • Clear Secure Inc (DNUT), up 19.8% to $21.00 on its IPO debut
  • Kymera Therapeutics Inc (VEON), up 15.6% to $2.03 / 12-Month Price Range: $ 1.20-1.90 / Short interest (% of float): 1.7%; days to cover: 4.4
  • WideOpenWest Inc (USWS), up 4.3% to $1.12 / YTD price return: +102.4% / 12-Month Price Range: $ .23-3.37 / Short interest (% of float): 5.3%; days to cover: 0.6
  • Beam Therapeutics Inc (PASG), up 3.8% to $14.95 / YTD price return: +63.6% / 12-Month Price Range: $ 12.10-30.87 / Short interest (% of float): 8.8%; days to cover: 11.5

BIGGEST LOSERS

  • Applovin Corp (NRBO), down 5.6% to $3.02 / 12-Month Price Range: $ 2.72-9.04 / Short interest (% of float): 7.5%; days to cover: 1.3
  • Sprinklr Inc (FUTU), down 3.5% to $161.09 / 12-Month Price Range: $ 22.95-204.25 / Short interest (% of float): 3.7%; days to cover: 0.5 (the stock is currently on the short sale restriction list)
  • MicroVision Inc (EQOS), down 2.2% to $6.01 / 12-Month Price Range: $ 5.01-22.95 / Short interest (% of float): 3.2%; days to cover: 1.4
  • Global-E Online Ltd (LMPX), down 2.2% to $15.50 / 12-Month Price Range: $ 6.05-45.00 / Short interest (% of float): 8.6%; days to cover: 9.4
  • DoubleVerify Holdings Inc (HUSA), down 2.1% to $2.24 / 12-Month Price Range: $ .86-6.36 / Short interest (% of float): 3.2%; days to cover: 0.8 (the stock is currently on the short sale restriction list)

VALUATION METRICS CHARTS

S&P 500 Forward EV/EBITDA Multiples | Sources: ϕpost, FactSet data S&P 500 Forward P/E/G Multiples | Sources: ϕpost, FactSet data

NEW IPOs ANNOUNCED OR PRICED

  • Krispy Kreme Inc / United States of America - Retail / Listing Exchange: Nasdaq / Ticker: DNUT / Gross proceeds (including overallotment): US$ 500.00m (offering in U.S. Dollar) / Bookrunners: Citigroup Global Markets Inc, Morgan Stanley & Co LLC, JP Morgan Securities LLC, Bofa Securities Inc
  • EverCommerce Inc / United States of America - High Technology / Listing Exchange: Nasdaq / Ticker: EVCM / Gross proceeds (including overallotment): US$ 325.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, JP Morgan Securities LLC
  • Torrid Holdings Inc / United States of America - Retail / Listing Exchange: New York / Ticker: CURV / Gross proceeds (including overallotment): US$ 265.65m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Jefferies LLC, Morgan Stanley & Co LLC, Bofa Securities Inc
  • Corsair Partnering Corp / United States of America - Financials / Listing Exchange: New York / Ticker: CORS.U / Gross proceeds (including overallotment): US$ 250.00m (offering in U.S. Dollar) / Bookrunners: Evercore Group, Bofa Securities Inc
  • Macondray Capital Acquisition Corp I / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: DRAYU / Gross proceeds (including overallotment): US$ 250.00m (offering in U.S. Dollar) / Bookrunners: B Riley FBR
  • Frontier Investment Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: FICVU / Gross proceeds (including overallotment): US$ 200.00m (offering in U.S. Dollar) / Bookrunners: JP Morgan Securities LLC
  • Acumen Pharmaceuticals Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: ABOS / Gross proceeds (including overallotment): US$ 160.00m (offering in U.S. Dollar) / Bookrunners: Stifel Nicolaus & Co Inc, Credit Suisse Securities (USA) LLC, Bofa Securities Inc
  • D-Market Elektronik Hizmetler & Ticaret AS / Turkey - Retail / Listing Exchange: Nasdaq / Ticker: HBX / Gross proceeds (including overallotment): US$ 680.88m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Morgan Stanley & Co LLC, JP Morgan Securities LLC, Bofa Securities Inc, UBS Securities LLC
  • Baltic Classifieds Group OU / Estonia - Retail / Listing Exchange: London / Ticker: BLT / Gross proceeds (including overallotment): US$ 456.56m (offering in British Pound) / Bookrunners: BNP Paribas SA, BofA Securities Europe SA
  • ADICON Holdings Ltd / China - Healthcare / Listing Exchange: Hong Kong / Ticker: N/A / Gross proceeds (including overallotment): US$ 300.00m (offering in U.S. Dollar) / Bookrunners: Not Applicable
  • HK innoN Corp / South Korea - Healthcare / Listing Exchange: KOSDAQ / Ticker: N/A / Gross proceeds (including overallotment): US$ 267.99m (offering in Korean Won) / Bookrunners: JP Morgan & Co Inc, Samsung Securities Co Ltd, Korea Investment & Securities Co Ltd
  • Canbridge Pharmaceuticals Inc / China - Healthcare / Listing Exchange: Hong Kong / Ticker: - / Gross proceeds (including overallotment): US$ 250.00m (offering in U.S. Dollar) / Bookrunners: Not Applicable
  • Beijing Integrity Technology Co Ltd / China - High Technology / Listing Exchange: SSES / Ticker: N/A / Gross proceeds (including overallotment): US$ 131.34m (offering in Chinese Yuan) / Bookrunners: Guosen Securities Co Ltd

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Realty Income Corp / United States of America - Real Estate / Listing Exchange: New York / Ticker: O / Gross proceeds (including overallotment): US$ 519.20m (offering in U.S. Dollar) / Bookrunners: Wells Fargo Securities LLC, Morgan Stanley & Co LLC
  • Kymera Therapeutics Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: KYMR / Gross proceeds (including overallotment): US$ 223.49m (offering in U.S. Dollar) / Bookrunners: Cowen & Co, Morgan Stanley & Co, Guggenheim Securities LLC, JP Morgan Securities LLC
  • BTRS Holdings Inc / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: BTRS / Gross proceeds (including overallotment): US$ 110.25m (offering in U.S. Dollar) / Bookrunners: William Blair & Co, Citigroup Global Markets Inc, JP Morgan Securities LLC, Bofa Securities Inc
  • Petrobras Distribuidora Sa / Brazil - Energy and Power / Listing Exchange: BOVESPA / Ticker: BRDT3 / Gross proceeds (including overallotment): US$ 2,286.11m (offering in Brazilian Real) / Bookrunners: Banco JP Morgan SA, Banco Itau-BBA SA, Citigroup Global Markets Brasil Corretora de Cambio, XP Investimentos, Goldman Sachs do Brasil Banco Multiplo SA, Bank of America Merrill Lynch Banco Multiplo SA, Banco Morgan Stanley SA
  • XPeng Inc / China - Industrials / Listing Exchange: Hong Kong / Ticker: XPEV / Gross proceeds (including overallotment): US$ 1,716.07m (offering in Hong Kong Dollar) / Bookrunners: BOCI Asia Ltd, Merrill Lynch (Asia Pacific) Ltd, Citigroup Global Markets Ltd, CLSA Asia-Pacific Markets Ltd, JP Morgan Securities Plc, ABCI Capital Ltd, JP Morgan Securities LLC, Futu Securities International (Hong Kong) Ltd, US Tiger Securities Inc
  • Banpu PCL / Thailand - Materials / Listing Exchange: Thailand / Ticker: BANPU / Gross proceeds (including overallotment): US$ 792.41m (offering in Thai Baht) / Bookrunners: Not Applicable
  • Nordex SE / Germany - Industrials / Listing Exchange: Frankfurt / Ticker: NDX1 / Gross proceeds (including overallotment): US$ 459.97m (offering in EURO) / Bookrunners: Not Applicable
  • Urban Logistics Reit PLC / United Kingdom - Real Estate / Listing Exchange: London AIM / Ticker: SHED / Gross proceeds (including overallotment): US$ 149.68m (offering in British Pound) / Bookrunners: Singer Capital Markets Ltd, Panmure Gordon (UK) Ltd, Alvarium Securities Ltd
  • GLP J-REIT / Japan - Real Estate / Listing Exchange: Tokyo / Ticker: 3281 / Gross proceeds (including overallotment): US$ 148.77m (offering in Japanese Yen) / Bookrunners: Nomura Securities Co Ltd, Mizuho Securities Co Ltd, Citigroup Global Markets Japan Inc, Mitsubishi UFJ Morgan Stanley Securities Co Ltd, SMBC Nikko Securities Inc
  • Peker Gayrimenkul Yatirim Ortakligi AS / Turkey - Real Estate / Listing Exchange: Istanbul / Ticker: PEKGY / Gross proceeds (including overallotment): US$ 115.92m (offering in Turkish Lira) / Bookrunners: Not Applicable
  • Crayon Group Holding ASA / Norway - High Technology / Listing Exchange: Oslo / Ticker: CRAYON / Gross proceeds (including overallotment): US$ 115.73m (offering in Norwegian Krone) / Bookrunners: SpareBank 1 Markets AS
  • Shanghai Laimu Electronics Co Ltd / China - High Technology / Listing Exchange: Shanghai / Ticker: 603633 / Gross proceeds (including overallotment): US$ 108.30m (offering in Chinese Yuan) / Bookrunners: Not Applicable