DAILY SUMMARY

• Daily performance of US indices: S&P 500 down -0.79%; Nasdaq Composite down -1.66%; Wilshire 5000 down -1.05%
• 38.8% of S&P 500 stocks were up today, with 43.8% of stocks above their 200-day moving average (DMA) and 34.5% above their 50-DMA
• Top performing sectors in the S&P 500: energy up 2.85% and utilities up 2.19%
• Bottom performing sectors in the S&P 500: financials down -1.96% and technology down -1.78%
• The number of shares in the S&P 500 traded today was 744m for a total turnover of US$ 82 bn
• The S&P 500 Value Index was down -0.3%, while the S&P 500 Growth Index was down -1.3%; the S&P small caps index was down -1.4% and mid-caps were down -1.6%
• The volume on CME's INX (S&P 500 Index) was 3.0m (3-month z-score: 0.8); the 3-month average volume is 2.6m and the 12-month range is 1.3 - 4.6m
• Daily performance of international indices: Europe Stoxx 600 down -3.56%; UK FTSE 100 down -3.48%; Hang Seng SH-SZ-HK 300 Index down -2.09%; Japan's TOPIX 500 down -1.96%

VOLATILITY

• 1-month at-the-money implied volatility on the S&P 500 at 25.6%, up from 24.2%
• 1-month at-the-money implied volatility on the Europe Stoxx 600 at 35.0%, up from 28.8%

TOP WINNERS

• VEON Ltd (VEON), up 52.1% to $.40 / YTD price return: -76.6% / 12-Month Price Range: $ .24-2.38 / Short interest (% of float): 2.1%; days to cover: 6.4
• Sweetgreen Inc (SG), up 25.4% to $26.78 / YTD price return: -16.3% / 12-Month Price Range: $ 21.18-56.20 / Short interest (% of float): 8.1%; days to cover: 7.5 (the stock is currently on the short sale restriction list)
• Occidental Petroleum Corp (OXY), up 17.6% to $56.15 / YTD price return: +93.7% / 12-Month Price Range: $ 21.62-49.29 / Short interest (% of float): 3.9%; days to cover: 1.8
• PBF Energy Inc (PBF), up 16.6% to $20.21 / YTD price return: +55.8% / 12-Month Price Range: $ 7.24-20.15 / Short interest (% of float): 19.1%; days to cover: 5.0
• Peabody Energy Corp (BTU), up 14.7% to $26.35 / YTD price return: +161.7% / 12-Month Price Range: $ 2.61-24.03 / Short interest (% of float): 6.7%; days to cover: 1.4
• agilon health inc (AGL), up 13.7% to $21.87 / YTD price return: -19.0% / 12-Month Price Range: $ 14.36-44.83 / Short interest (% of float): 7.2%; days to cover: 6.6
• Multiplan Corp (MPLN), up 13.2% to $4.29 / YTD price return: -3.2% / 12-Month Price Range: $ 3.46-9.69 / Short interest (% of float): 7.2%; days to cover: 15.3
• Transocean Ltd (RIG), up 12.5% to $4.24 / YTD price return: +53.6% / 12-Month Price Range: $ 2.63-5.13 / Short interest (% of float): 10.1%; days to cover: #N/A
• ProShares Ultra Bloomberg Crude Oil (UCO), up 12.3% to $177.38 / YTD price return: +104.5% / 12-Month Price Range: $ 50.22-164.03 / Short interest (% of float): 3.0%; days to cover: 0.5
• Alignment Healthcare Inc (ALHC), up 11.9% to $9.29 / YTD price return: -33.9% / 12-Month Price Range: $ 6.14-28.59 / Short interest (% of float): 3.2%; days to cover: 2.4

BIGGEST LOSERS

• WeWork Inc (WE), down 22.3% to $4.77 / YTD price return: -44.5% / 12-Month Price Range: $ 5.55-14.97 / Short interest (% of float): 4.6%; days to cover: 7.6 (the stock is currently on the short sale restriction list)
• Recursion Pharmaceuticals Inc (RXRX), down 21.1% to $7.65 / YTD price return: -55.3% / 12-Month Price Range: $ 9.46-42.81 / Short interest (% of float): 11.9%; days to cover: 15.5 (the stock is currently on the short sale restriction list)
• Inspirato Inc (ISPO), down 20.7% to $42.48 / YTD price return: +320.6% / 12-Month Price Range: $ 9.00-108.00 / Short interest (% of float): 0.2%; days to cover: 0.4 (the stock is currently on the short sale restriction list)
• Coupang Inc (CPNG), down 17.2% to $21.10 / YTD price return: -28.2% / 12-Month Price Range: $ 16.61-69.00 / Short interest (% of float): 2.5%; days to cover: 3.7 (the stock is currently on the short sale restriction list)
• Enovix Corp (ENVX), down 16.6% to $13.36 / YTD price return: -51.0% / 12-Month Price Range: $ 11.65-39.48 / Short interest (% of float): 3.4%; days to cover: 3.1 (the stock is currently on the short sale restriction list)
• Vizio Holding Corp (VZIO), down 16.3% to $11.08 / YTD price return: -43.0% / 12-Month Price Range: $ 11.90-28.80 / Short interest (% of float): 6.3%; days to cover: 5.3 (the stock is currently on the short sale restriction list)
• Ke Holdings Inc (BEKE), down 16.2% to $14.50 / YTD price return: -27.9% / 12-Month Price Range: $ 15.15-72.49 (the stock is currently on the short sale restriction list)
• Carvana Co (CVNA), down 15.8% to $103.84 / YTD price return: -55.2% / 12-Month Price Range: $ 107.50-376.83 / Short interest (% of float): 15.7%; days to cover: 3.7 (the stock is currently on the short sale restriction list)
• Capri Holdings Ltd (CPRI), down 15.3% to $54.54 / YTD price return: -16.0% / 12-Month Price Range: $ 44.25-72.37 / Short interest (% of float): 4.6%; days to cover: 3.1 (the stock is currently on the short sale restriction list)
• Doximity Inc (DOCS), down 14.6% to $48.50 / YTD price return: -3.3% / 12-Month Price Range: $ 39.92-107.79 / Short interest (% of float): 5.8%; days to cover: 2.5 (the stock is currently on the short sale restriction list)

VALUATION MULTIPLES BY SECTORS

NOTABLE US EARNINGS NEXT WEEK

S&P 500 PERFORMANCE ATTRIBUTION

• The performance of US equities this year is entirely due to multiples compression, with earnings still showing positive growth

NEW IPOs ANNOUNCED OR PRICED

• Sound Point Acquisition Corp I / United States of America - Financials / Listing Exchange: Nasdaq / Ticker: SPCMU / Gross proceeds (including overallotment): US$ 258.75m (offering in U.S. Dollar) / Bookrunners: JP Morgan Securities LLC, Bofa Securities Inc
• Kensington Capital Acquisition Corp IV / United States of America - Financials / Listing Exchange: New York / Ticker: KCAC.U / Gross proceeds (including overallotment): US$ 200.00m (offering in U.S. Dollar) / Bookrunners: Stifel Nicolaus & Co Inc, UBS Securities LLC
• Beijing Deep Glint Technology Co Ltd / China - High Technology / Listing Exchange: SSES / Ticker: 688207 / Gross proceeds (including overallotment): US$ 289m (offering in Chinese Yuan) / Bookrunners: Haitong Securities Co Ltd

SECONDARIES / FOLLOW-ONS

• KKR Real Estate Finance Trust Inc / United States of America - Real Estate / Listing Exchange: New York / Ticker: KREF / Gross proceeds (including overallotment): US$ 124.98m (offering in U.S. Dollar) / Bookrunners: Wells Fargo Securities LLC, Morgan Stanley & Co LLC
• Safehold Inc / United States of America - Real Estate / Listing Exchange: New York / Ticker: SAFE / Gross proceeds (including overallotment): US$ 118.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Mizuho Securities USA Inc, Morgan Stanley & Co LLC, JP Morgan Securities LLC, Bofa Securities Inc, Barclays Capital Inc, Truist Securities Inc
• Asante Gold Corp / Canada - Materials / Listing Exchange: CNSX / Ticker: ASE / Gross proceeds (including overallotment): US$ 102.26m (offering in U.S. Dollar) / Bookrunners: Not Applicable
• Energean PLC / United Kingdom - Energy and Power / Listing Exchange: London / Ticker: ENOG / Gross proceeds (including overallotment): US$ 225.74m (offering in British Pound) / Bookrunners: Merrill Lynch International Ltd

WORLD YTD PERFORMANCE

PERFORMANCE OF MAIN GLOBAL EQUITY MARKETS THIS WEEK

TOP / BOTTOM PERFORMING COUNTRIES YTD