QUICK SUMMARY

• Daily performance of US indices: S&P 500 down -0.91%; Nasdaq Composite down -0.91%; Wilshire 5000 down -0.75%
• 20.8% of S&P 500 stocks were up today, with 69.1% of stocks above their 200-day moving average (DMA) and 42.8% above their 50-DMA
• Top performing sectors in the S&P 500: health care up 0.07% and consumer discretionary down -0.38%
• Bottom performing sectors in the S&P 500: materials down -2.06% and utilities down -1.59%
• The number of shares in the S&P 500 traded today was 1,808m for a total turnover of US$ 202 bn
• The S&P 500 Value Index was down -0.6%, while the S&P 500 Growth Index was down -1.1%; the S&P small caps index was up 0.1% and mid caps were down -0.7%
• The volume on CME's INX (S&P 500 Index) was 3.8m (3-month z-score: 5.4); the 3-month average volume is 2.0m and the 12-month range is 0.8 - 5.1m
• Daily performance of international indices: Europe Stoxx 600 down -0.88%; UK FTSE 100 down -0.91%; China CSI 300 up 1.00%; Japan's TOPIX 500 up 0.44%

VOLATILITY

• 1-month at-the-money implied volatility on the S&P 500 at 14.4%, up from 12.7%
• 1-month at-the-money implied volatility on the Europe Stoxx 600 at 14.6%, up from 13.8%

NOTABLE S&P 500 EARNINGS RELEASES

• Progressive Corp (PGR | Financials): missed on EPS (0.72 act. vs. 1.08 est.) and missed on revenue (11,480m act. vs. 11,522m est.), down -0.41% today

TOP WINNERS

• ForgeRock Inc (FORG), up 29.2% to $47.15 / 12-Month Price Range: $ 33.16-37.74
• Spire Global Inc (SPIR), up 20.2% to $13.71 / YTD price return: +37.0% / 12-Month Price Range: $ 8.27-13.20 / Short interest (% of float): 0.6%; days to cover: 1.9 (the stock is currently on the short sale restriction list)
• Federal Agricultural Mortgage Corp (AGMa), up 16.3% to $107.00 / YTD price return: +64.0% / 12-Month Price Range: $ 53.22-97.51 / Short interest (% of float): 0.2%; days to cover: 15.9
• Berkeley Lights Inc (BLI), up 15.2% to $27.11 / YTD price return: -69.7% / 12-Month Price Range: $ 19.21-113.53 / Short interest (% of float): 8.2%; days to cover: 5.2
• Evolv Technologies Holdings Inc (EVLV), up 13.8% to $7.35 / YTD price return: -26.6% / 12-Month Price Range: $ 5.97-12.90
• SecureWorks Corp (SCWX), up 13.4% to $25.98 / YTD price return: +82.7% / 12-Month Price Range: $ 10.01-23.43
• Connect Biopharma Holdings Ltd (CNTB), up 12.2% to $23.06 / 12-Month Price Range: $ 14.02-29.27 / Short interest (% of float): 1.5%; days to cover: 14.0
• SmileDirectClub Inc (SDC), up 11.7% to $6.70 / YTD price return: -43.9% / 12-Month Price Range: $ 4.63-16.08
• Procept Biorobotics Corp (PRCT), up 11.4% to $40.00 / 12-Month Price Range: $ 33.56-44.19
• Fulcrum Therapeutics Inc (FULC), up 11.3% to $30.83 / YTD price return: +163.3% / 12-Month Price Range: $ 6.85-29.90

BIGGEST LOSERS

• Offerpad Solutions Inc (OPAD), down 31.7% to $13.63 / YTD price return: +23.9% / 12-Month Price Range: $ 8.20-20.97 / Short interest (% of float): 2.7%; days to cover: 11.8 (the stock is currently on the short sale restriction list)
• IronNet Inc (IRNT), down 26.9% to $30.26 / YTD price return: +199.0% / 12-Month Price Range: $ 9.37-47.50 / Short interest (% of float): 1.6%; days to cover: 1.3 (the stock is currently on the short sale restriction list)
• Janux Therapeutics Inc (JANX), down 20.3% to $27.39 / 12-Month Price Range: $ 16.32-37.99 (the stock is currently on the short sale restriction list)
• TMC the metals company Inc (TMC), down 16.2% to $10.38 / YTD price return: -3.5% / 12-Month Price Range: $ 8.31-15.39 / Short interest (% of float): 1.5%; days to cover: 4.7 (the stock is currently on the short sale restriction list)
• Icosavax Inc (ICVX), down 16.2% to $33.06 / 12-Month Price Range: $ 21.70-49.99 (the stock is currently on the short sale restriction list)
• Century Therapeutics Inc (IPSC), down 15.4% to $24.76 / 12-Month Price Range: $ 18.93-32.90 (the stock is currently on the short sale restriction list)
• Verve Therapeutics Inc (VERV), down 14.3% to $59.88 / 12-Month Price Range: $ 29.50-78.00 (the stock is currently on the short sale restriction list)
• Snap One Holdings Corp (SNPO), down 13.4% to $17.25 / 12-Month Price Range: $ 15.25-23.81 (the stock is currently on the short sale restriction list)
• Aeye Inc (LIDR), down 11.5% to $8.70 / 12-Month Price Range: $ 7.00-14.49 / Short interest (% of float): 0.4%; days to cover: 1.3 (the stock is currently on the short sale restriction list)
• Caribou Biosciences Inc (CRBU), down 11.2% to $24.57 / 12-Month Price Range: $ 15.00-32.65 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

NEW IPOs ANNOUNCED OR PRICED

• Safie Inc / Japan - High Technology / Listing Exchange: Mothers / Ticker: 4375 / Gross proceeds (including overallotment): US$ 130.73m (offering in Japanese Yen) / Bookrunners: Mizuho Securities Co Ltd, SMBC Nikko Securities Inc

EQUITY FOLLOW-ONS / SECONDARY OFFERINGS

• Euronext NV / France - Financials / Listing Exchange: Euro Paris / Ticker: ENX / Gross proceeds (including overallotment): US$ 261.40m (offering in EURO) / Bookrunners: BNP Paribas SA
• Banpu PCL / Thailand - Materials / Listing Exchange: Thailand / Ticker: BANPU / Gross proceeds (including overallotment): US$ 191.47m (offering in Thai Baht) / Bookrunners: Not Applicable
• Air Busan Co Ltd / South Korea - Industrials / Listing Exchange: KONEX / Ticker: 298690 / Gross proceeds (including overallotment): US$ 184.96m (offering in Korean Won) / Bookrunners: Korea Investment & Securities Co Ltd, Kiwoom Securities Co, BNK Securities Co Ltd, KBI Securities Co Ltd