Equities

Broad Fall In US Equities As Consumer Sentiment Data Comes In Below Consensus

The energy and materials sectors led the decline, with growth and large caps overperforming value and small caps

Published ET

Downside Option Implied Volatility Is Currently Very Expensive Compared To Upside IV | Sources: ϕpost, Refinitiv data

Downside Option Implied Volatility Is Currently Very Expensive Compared To Upside IV | Sources: ϕpost, Refinitiv data


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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 down -0.75%; Nasdaq Composite down -0.80%; Wilshire 5000 down -0.72%
  • 31.5% of S&P 500 stocks were up today, with 86.7% of stocks above their 200-day moving average (DMA) and 46.7% above their 50-DMA
  • Top performing sectors in the S&P 500: utilities up 0.99% and health care up 0.22%
  • Bottom performing sectors in the S&P 500: energy down -2.77% and materials down -1.53%
  • The number of shares in the S&P 500 traded today was 588m for a total turnover of US$ 69 bn
  • The S&P 500 Value Index was down -0.9%, while the S&P 500 Growth Index was down -0.6%; the S&P small caps index was down -1.4% and mid caps were down -1.2%
  • The volume on CME's INX (S&P 500 Index) was 2.0m (3-month z-score: -0.2); 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 down -0.32%; China CSI 300 down -1.10%; Japan down -0.37%; UK FTSE 100 down -0.06%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 13.3%, up from 12.0%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 12.1%, down from 12.6%
S&P 500 Performance This Week | Sources: ϕpost, Refinitiv dataSPX 1-Month Implied Volatilities | Sources: ϕpost, Refinitiv data

NOTABLE S&P 500 EARNINGS RELEASES

  • State Street Corp (Financials): beat on EPS (1.97 act. vs. 1.35 est.) and beat on revenue (2,981m act. vs. 2,875m est.)
  • Charles Schwab Corp (Financials): missed on EPS (0.70 act. vs. 0.82 est.) and missed on revenue (4,527m act. vs. 4,602m est.)
  • Kansas City Southern (Industrials): beat on EPS (2.06 act. vs. 1.94 est.) and beat on revenue (750m act. vs. 711m est.)

TOP WINNERS

  • Newegg Commerce Inc (NEGG), up 16.6% to $30.55 / YTD price return: +636.1% / 12-Month Price Range: $ 2.76-79.07 / Short interest (% of float): 0.3%; days to cover: 0.4
  • Blend Labs Inc (BLND), up 16.1% to $20.90 on its post-IPO trading debut
  • Seer Inc (SEER), up 12.1% to $31.01 / YTD price return: -44.8% / 12-Month Price Range: $ 26.48-86.55
  • SGOCO Group Ltd (SGOC), up 11.4% to $12.41 / YTD price return: +755.5% / 12-Month Price Range: $ .77-29.00 / Short interest (% of float): 0.6%; days to cover: 6.4
  • Skywater Technology Inc (SKYT), up 10.8% to $26.78 / 12-Month Price Range: $ 14.25-34.43 / Short interest (% of float): 6.4%; days to cover: 1.6
  • Moderna Inc (MRNA), up 10.3% to $286.43 / YTD price return: +174.2% / 12-Month Price Range: $ 54.21-261.22
  • Nurix Therapeutics Inc (NRIX), up 10.1% to $25.98 / YTD price return: -21.0% / 12-Month Price Range: $ 15.21-52.38 / Short interest (% of float): 11.4%; days to cover: 11.2
  • HeadHunter Group PLC (HHR), up 9.1% to $44.04 / YTD price return: +45.6% / 12-Month Price Range: $ 19.00-47.21 / Short interest (% of float): 0.6%; days to cover: 1.0
  • Xometry Inc (XMTR), up 9.1% to $70.20 / 12-Month Price Range: $ 57.50-97.57
  • Repare Therapeutics Inc (RPTX), up 8.3% to $31.72 / YTD price return: -7.5% / 12-Month Price Range: $ 21.45-46.44 / Short interest (% of float): 2.0%; days to cover: 4.1

BIGGEST LOSERS

  • FibroGen Inc (FGEN), down 42.2% to $14.35 / YTD price return: -61.3% / 12-Month Price Range: $ 18.12-57.21 (the stock is currently on the short sale restriction list)
  • Turquoise Hill Resources Ltd (TRQ), down 15.6% to $13.65 / YTD price return: +9.9% / 12-Month Price Range: $ 7.49-21.89 / Short interest (% of float): 3.5%; days to cover: 4.6 (the stock is currently on the short sale restriction list)
  • WM Technology Inc (MAPS), down 14.3% to $13.11 / YTD price return: +2.7% / 12-Month Price Range: $ 9.99-29.50 / Short interest (% of float): 2.0%; days to cover: 6.3 (the stock is currently on the short sale restriction list)
  • Tenneco Inc (TEN), down 11.9% to $15.86 / YTD price return: +49.6% / 12-Month Price Range: $ 6.19-22.75 (the stock is currently on the short sale restriction list)
  • Gaotu Techedu Inc (GOTU), down 11.2% to $10.75 / YTD price return: -79.2% / 12-Month Price Range: $ 11.69-149.05 (the stock is currently on the short sale restriction list)
  • Telefonaktiebolaget LM Ericsson (ERIC), down 10.8% to $11.82 / YTD price return: -1.1% / 12-Month Price Range: $ 9.57-15.32 (the stock is currently on the short sale restriction list)
  • Callon Petroleum Co (CPE), down 9.8% to $41.35 / YTD price return: +214.2% / 12-Month Price Range: $ 4.50-60.51 (the stock is currently on the short sale restriction list)
  • PBF Energy Inc (PBF), down 9.7% to $9.74 / YTD price return: +37.2% / 12-Month Price Range: $ 4.06-18.78 (the stock is currently on the short sale restriction list)
  • Northern Oil and Gas Inc (NOG), down 9.6% to $15.85 / YTD price return: +80.9% / 12-Month Price Range: $ 3.35-21.64 (the stock is currently on the short sale restriction list)
  • TAL Education Group (TAL), down 9.5% to $19.85 / YTD price return: -72.2% / 12-Month Price Range: $ 17.30-90.96 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

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

NEW IPOs ANNOUNCED OR PRICED

  • Blend Labs Inc / United States of America - High Technology / Listing Exchange: New York / Ticker: BLND / Gross proceeds (including overallotment): US$ 360.00m (offering in U.S. Dollar) / Bookrunners: Allen & Co Inc, Goldman Sachs & Co, Wells Fargo Securities LLC, KeyBanc Capital Markets Inc, UBS Securities LLC, Truist Securities Inc
  • Bridge Investment Group Holdings Inc / United States of America - Financials / Listing Exchange: New York / Ticker: BRDG / Gross proceeds (including overallotment): US$ 300.00m (offering in U.S. Dollar) / Bookrunners: Citigroup Global Markets Inc, Morgan Stanley & Co LLC, JP Morgan Securities LLC
  • Enphys Acquisition Corp / United States of America - Financials / Listing Exchange: New York / Ticker: NYFS.U / Gross proceeds (including overallotment): US$ 250.00m (offering in U.S. Dollar) / Bookrunners: Credit Suisse Securities (USA) LLC, BTIG LLC
  • Bilander Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: TWCBU / Gross proceeds (including overallotment): US$ 150.00m (offering in U.S. Dollar) / Bookrunners: Evercore Group, Deutsche Bank Securities Inc, Morgan Stanley & Co LLC
  • Imago BioSciences Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: IMGO / Gross proceeds (including overallotment): US$ 134.40m (offering in U.S. Dollar) / Bookrunners: Stifel Nicolaus & Co Inc, Guggenheim Securities LLC, Cowen & Co, Jefferies LLC
  • I2PO SA / France - Financials / Listing Exchange: Euro Paris / Ticker: I2PO / Gross proceeds (including overallotment): US$ 295.30m (offering in EURO) / Bookrunners: Societe Generale SA, JP Morgan & Co Inc, Deutsche Bank
  • VAM Investments SPAC BV / Italy - Financials / Listing Exchange: EuronextAM / Ticker: VAM / Gross proceeds (including overallotment): US$ 236.24m (offering in EURO) / Bookrunners: Societe Generale SA, UniCredit Bank AG, JP Morgan AG, Citigroup Global Markets Europe AG
  • Energy Transition Partners BV / Netherlands - Financials / Listing Exchange: EuronextAM / Ticker: ENTPA / Gross proceeds (including overallotment): US$ 206.71m (offering in EURO) / Bookrunners: JP Morgan AG

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Learning Technologies Group PLC / United Kingdom - High Technology / Listing Exchange: London AIM / Ticker: LTG / Gross proceeds (including overallotment): US$ 117.62m (offering in British Pound) / Bookrunners: Goldman Sachs International, Numis Securities Ltd