Equities

Mixed Returns For US Equity Indices, As Small Caps Underperform

The energy and materials sectors were the big losers today, with weak Chinese and US macro data bringing commodities down

Published ET

The S&P 500 Implied Volatility smile got slightly steeper over the last couple of weeks | Sources: ϕpost, Refinitiv data

The S&P 500 Implied Volatility smile got slightly steeper over the last couple of weeks | Sources: ϕpost, Refinitiv data

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QUICK SUMMARY

  • Daily performance of US indices: S&P 500 up 0.26%; Nasdaq Composite down -0.20%; Wilshire 5000 down -0.04%
  • 56.2% of S&P 500 stocks were up today, with 83.8% of stocks above their 200-day moving average (DMA) and 67.9% above their 50-DMA
  • Top performing sectors in the S&P 500: healthcare up 1.13% and utilities up 0.65%
  • Bottom performing sectors in the S&P 500: energy down -1.83% and materials down -0.49%
  • The number of shares in the S&P 500 traded today was 464m for a total turnover of US$ 58 bn
  • The S&P 500 Value Index was up 0.1%, while the S&P 500 Growth Index was up 0.4%; the S&P small caps index was down -0.5% and mid caps were down -0.2%
  • The volume on CME's INX (S&P 500 Index) was 1.7m (3-month z-score: -0.8); the 3-month average volume is 2.0m and the 12-month range is 0.8 - 5.1m
  • Daily performance of international indices: UK FTSE 100 down -0.90%; tonight in Asia, China CSI 300 down -0.39% and Japan's TOPIX 500 down -0.01%

VOLATILITY

  • 1-month at-the-money implied volatility on the S&P 500 at 11.0%, up from 10.4%
  • 1-month at-the-money implied volatility on the Europe Stoxx 600 at 11.4%, up from 9.9%

NOTABLE S&P 500 EARNINGS RELEASES

  • Tapestry Inc (Consumer Cyclicals): beat on EPS (0.51 act. vs. 0.31 est.) and beat on revenue (1,273m act. vs. 1,220m est.)
S&P 1500 Performance By Sector | Sources: ϕpost, Refinitiv dataS&P 500, Stoxx 600 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

TOP WINNERS

  • Gohealth Inc (GOCO), up 22.1% to $4.97 / YTD price return: -63.6% / 12-Month Price Range: $ 4.00-19.50 / Short interest (% of float): 5.7%; days to cover: 4.4
  • Bright Health Group Inc (BHG), up 17.7% to $9.89 / 12-Month Price Range: $ 7.98-17.93
  • Travere Therapeutics Inc (TVTX), up 15.3% to $17.82 / YTD price return: -34.6% / 12-Month Price Range: $ 12.75-33.09
  • Cytek Biosciences Inc (CTKB), up 10.7% to $22.89 / 12-Month Price Range: $ 17.40-28.46
  • Caribou Biosciences Inc (CRBU), up 9.3% to $26.48 / 12-Month Price Range: $ 15.00-29.00
  • European Wax Center Inc (EWCZ), up 9.3% to $23.35 / 12-Month Price Range: $ 18.55-27.88
  • Hyzon Motors Inc (HYZN), up 9.2% to $8.19 / YTD price return: -22.7% / 12-Month Price Range: $ 6.02-19.95
  • Nuvalent Inc (NUVL), up 8.8% to $24.34 / 12-Month Price Range: $ 17.00-27.49
  • RadNet Inc (RDNT), up 8.6% to $33.19 / YTD price return: +69.6% / 12-Month Price Range: $ 13.49-38.84
  • CS Disco Inc (LAW), up 8.3% to $56.32 / 12-Month Price Range: $ 39.55-52.31

BIGGEST LOSERS

  • Oscar Health Inc (OSCR), down 16.7% to $12.25 / 12-Month Price Range: $ 14.47-37.00 (the stock is currently on the short sale restriction list)
  • AiHuiShou International Co Ltd (RERE), down 16.1% to $11.01 / 12-Month Price Range: $ 10.37-18.49 / Short interest (% of float): 0.0%; days to cover: #N/A (the stock is currently on the short sale restriction list)
  • Absci Corp (ABSI), down 15.7% to $21.09 / 12-Month Price Range: $ 20.88-31.53 (the stock is currently on the short sale restriction list)
  • Paysafe Ltd (PSFE), down 15.5% to $8.62 / YTD price return: -42.9% / 12-Month Price Range: $ 9.60-19.57 / Short interest (% of float): 2.4% (the stock is currently on the short sale restriction list)
  • Original BARK Co (BARK), down 15.2% to $7.55 / YTD price return: -48.1% / 12-Month Price Range: $ 7.71-19.54 (the stock is currently on the short sale restriction list)
  • Danimer Scientific Inc (DNMR), down 14.2% to $13.27 / YTD price return: -43.6% / 12-Month Price Range: $ 9.75-66.30 (the stock is currently on the short sale restriction list)
  • Owlet Inc (OWLT), down 12.8% to $9.00 / YTD price return: -11.5% / 12-Month Price Range: $ 7.76-11.56 (the stock is currently on the short sale restriction list)
  • Hydrofarm Holdings Group Inc (HYFM), down 11.9% to $41.58 / YTD price return: -20.9% / 12-Month Price Range: $ 41.59-95.48 (the stock is currently on the short sale restriction list)
  • VTEX (VTEX), down 11.6% to $25.89 / 12-Month Price Range: $ 21.25-33.36 / Short interest (% of float): 0.1%; days to cover: 0.0 (the stock is currently on the short sale restriction list)
  • F45 Training Holdings Inc (FXLV), down 10.9% to $15.39 / 12-Month Price Range: $ 13.50-17.75 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

S&P 1500 Forward P/E by Sector | Sources: ϕpost, FactSet dataS&P 1500 Forward EV/EBITDA by Sector | Sources: ϕpost, FactSet data

NEW IPOs ANNOUNCED OR PRICED

  • Kensington Capital Acquisition Corp V / United States of America - Financials / Listing Exchange: New York / Ticker: KCGI.U / Gross proceeds (including overallotment): US$ 240.00m (offering in U.S. Dollar) / Bookrunners: Stifel Nicolaus & Co Inc, UBS Securities LLC
  • DTRT Health Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: DTRTU / Gross proceeds (including overallotment): US$ 200.00m (offering in U.S. Dollar) / Bookrunners: Cantor Fitzgerald & Co
  • Jupiter Acquisition Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: JAQCU / Gross proceeds (including overallotment): US$ 150.00m (offering in U.S. Dollar) / Bookrunners: Nomura Securities International Inc
  • CENAQ Energy Corp / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: CENQU / Gross proceeds (including overallotment): US$ 150.00m (offering in U.S. Dollar) / Bookrunners: Imperial Capital LLC, I-Bankers Securities Inc
  • Tidewater Renewables Ltd / Canada - Energy and Power / Listing Exchange: Toronto / Ticker: LCFS / Gross proceeds (including overallotment): US$ 119.76m (offering in Canadian Dollar) / Bookrunners: CIBC World Markets Inc, National Bank Financial Inc
  • NewLake Capital Partners Inc / United States of America - Real Estate / Listing Exchange: OTC / Ticker: NA / Gross proceeds (including overallotment): US$ 101.56m (offering in U.S. Dollar) / Bookrunners: Not Applicable
  • Beijing Fourth Paradigm Technology Co Ltd / China - High Technology / Listing Exchange: Hong Kong / Ticker: N/A / Gross proceeds (including overallotment): US$ 600.00m (offering in U.S. Dollar) / Bookrunners: Not Applicable
  • Huasky Medical / China - Healthcare / Listing Exchange: Hong Kong / Ticker: - / Gross proceeds (including overallotment): US$ 300.00m (offering in U.S. Dollar) / Bookrunners: Not Applicable
  • Paradeep Phosphates Ltd / India - Materials / Listing Exchange: Bombay / Ticker: N/A / Gross proceeds (including overallotment): US$ 169.05m (offering in Indian Rupee) / Bookrunners: SBI Capital Markets Ltd, JM Financial Group, ICICI Securities Ltd, Axis Capital Ltd

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

  • Sankei Real Estate Inc / Japan - Real Estate / Listing Exchange: Tokyo / Ticker: 2972 / Gross proceeds (including overallotment): US$ 129.04m (offering in Japanese Yen) / Bookrunners: Nomura Securities Co Ltd, Mizuho Securities Co Ltd, Daiwa Securities Co Ltd