DAILY SUMMARY

• Daily performance of US indices: S&P 500 down -0.72%; Nasdaq Composite down -0.90%; Wilshire 5000 down -0.95%
• 27.6% of S&P 500 stocks were up today, with 25.2% of stocks above their 200-day moving average (DMA) and 24.7% above their 50-DMA
• Top performing sectors in the S&P 500: consumer staples up 0.25% and real estate up 0.03%
• Bottom performing sectors in the S&P 500: energy down -2.17% and industrials down -2.06%
• The number of shares in the S&P 500 traded today was 2,094m for a total turnover of US$ 190 bn
• The S&P 500 Value Index was down -0.7%, while the S&P 500 Growth Index was down -0.7%; the S&P small caps index was down -0.7% and mid-caps were down -1.4%
• The volume on CME's INX (S&P 500 Index) was 4,363.3m (3-month z-score: 4.1); the 3-month average volume is 2,302.0m and the 12-month range is 1,340.2 - 4,692.3m
• Daily performance of international indices: Europe Stoxx 600 down -1.58%; UK FTSE 100 down -0.62%; Hang Seng SH-SZ-HK 300 Index down -1.84%; Japan's TOPIX 500 down -0.59%
• In addition to real rates pushing multiples lower, it's worth noting that US CEOs are currently much more pessimistic than the corporate profits data

VOLATILITY TODAY

• 1-month at-the-money implied volatility on the S&P 500 at 23.5%, up from 22.6%
• 1-month at-the-money implied volatility on the STOXX Europe 600 at 19.7%, up from 18.8%

TOP S&P 500 PERFORMERS THIS WEEK

• Royal Caribbean Cruises Ltd (RCL), up 6.8% to $50.44 / YTD price return: -34.4% / 12-Month Price Range: $ 31.09-98.21 / Short interest (% of float): 9.5%; days to cover: 2.7
• APA Corp (US) (APA), up 6.2% to $40.46 / YTD price return: +50.5% / 12-Month Price Range: $ 18.53-51.95 / Short interest (% of float): 3.4%; days to cover: 1.4
• Norwegian Cruise Line Holdings Ltd (NCLH), up 4.9% to $15.31 / YTD price return: -26.2% / 12-Month Price Range: $ 10.31-29.44
• Humana Inc (HUM), up 4.5% to $499.79 / YTD price return: +7.8% / 12-Month Price Range: $ 351.58-504.35 / Short interest (% of float): 1.3%; days to cover: 2.4
• Wynn Resorts Ltd (WYNN), up 4.2% to $65.42 / YTD price return: -23.1% / 12-Month Price Range: $ 50.22-98.99
• Enphase Energy Inc (ENPH), up 4.0% to $318.01 / YTD price return: +73.8% / 12-Month Price Range: $ 113.49-324.78 / Short interest (% of float): 3.2%; days to cover: 1.2
• Carnival Corp (CCL), up 3.5% to $10.76 / YTD price return: -46.5% / 12-Month Price Range: $ 8.10-27.39
• Starbucks Corp (SBUX), up 3.0% to $91.31 / YTD price return: -21.9% / 12-Month Price Range: $ 68.39-117.80 / Short interest (% of float): 1.4%; days to cover: 2.7
• Netflix Inc (NFLX), up 2.8% to $240.13 / YTD price return: -60.1% / 12-Month Price Range: $ 162.81-700.50 / Short interest (% of float): 2.2%; days to cover: 1.2
• Allstate Corp (ALL), up 2.4% to $129.42 / YTD price return: +10.0% / 12-Month Price Range: $ 106.12-144.46 / Short interest (% of float): 1.8%; days to cover: 2.8

BOTTOM S&P 500 PERFORMERS THIS WEEK

• Adobe Inc (ADBE), down 24.1% to $299.50 / YTD price return: -47.2% / 12-Month Price Range: $ 299.50-699.50 / Short interest (% of float): 1.1%; days to cover: 2.2
• FedEx Corp (FDX), down 23.0% to $161.02 / YTD price return: -37.7% / 12-Month Price Range: $ 161.02-266.66 / Short interest (% of float): 1.4%; days to cover: 2.2 (the stock is currently on the short sale restriction list)
• Nucor Corp (NUE), down 18.4% to $117.08 / YTD price return: +2.6% / 12-Month Price Range: $ 88.50-187.90 / Short interest (% of float): 3.3%; days to cover: 4.8
• Westrock Co (WRK), down 16.3% to $34.15 / YTD price return: -23.0% / 12-Month Price Range: $ 34.15-54.78 / Short interest (% of float): 1.2%; days to cover: 2.0 (the stock is currently on the short sale restriction list)
• Generac Holdings Inc (GNRC), down 15.9% to $200.17 / YTD price return: -43.1% / 12-Month Price Range: $ 197.94-522.66 / Short interest (% of float): 10.5%; days to cover: 7.4
• International Paper Co (IP), down 15.6% to $35.23 / YTD price return: -25.0% / 12-Month Price Range: $ 35.23-56.53 / Short interest (% of float): 4.4%; days to cover: 6.0 (the stock is currently on the short sale restriction list)
• Eastman Chemical Co (EMN), down 15.5% to $79.13 / YTD price return: -34.6% / 12-Month Price Range: $ 79.13-129.44 / Short interest (% of float): 1.9%; days to cover: 2.8
• Packaging Corp of America (PKG), down 15.4% to $118.07 / YTD price return: -13.3% / 12-Month Price Range: $ 118.07-168.25 / Short interest (% of float): 2.4%; days to cover: 3.5 (the stock is currently on the short sale restriction list)
• Western Digital Corp (WDC), down 15.0% to $37.22 / YTD price return: -42.9% / 12-Month Price Range: $ 37.22-69.35
• West Pharmaceutical Services Inc (WST), down 14.5% to $268.06 / YTD price return: -42.8% / 12-Month Price Range: $ 268.06-473.91 / Short interest (% of float): 1.0%; days to cover: 2.0

US VALUATION MULTIPLES

WEEKLY TOTAL RETURNS OF MAJOR GLOBAL EQUITY MARKETS

TOP / BOTTOM PERFORMING WORLD MARKETS YTD

WORLD MARKET CAPITALIZATION (US$ Trillion)