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S&P Hits a New High Amid Geopolitical Tensions
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Geopolitical tensions flared up again, but US markets managed to score yet another all-time high.

Today was a quadruple witching expiration day, when equity options, index futures, index options, and single-stock futures all expire on the same day.

Quad witching days are sometimes associated with strong volatility, though it was a quiet day overall for US equity markets.

The S&P 500 (INDEXSP:.INX) rose 0.2% to 1,962.87, and touched a new all-time intraday high at 1,963.91. The Nasdaq Composite (INDEXNASDAQ:.IXIC)  and Russell 2000 (INDEXRUSSELL:RUT) also rose modestly.

Shares of BlackBerry (NASDAQ:BBRY) rose 7.9% to $9.81 after Citron Research issued a bullish report on the stock. Citron expects BlackBerry shares to hit $20, implying a 100%+ return from current levels.

Software giant Oracle (NASDAQ:ORCL) had a rough day after missing analysts' fourth-quarter earnings and revenue expectations on Thursday afternoon. The stock fell 4.0 to $40.82.

Amazon.com (NASDAQ:AMZN) fell 0.9% to $324.20, as investors debated the potential success of its Fire smartphone. The stock had rallied sharply on the Fire's introduction Wednesday, but with today's decline, all the gains have been given up.

Newly public financial technology firm Markit (NASDAQ:MRKT) rose 0.9% to $26.95. It rallied 11.3% Thursday, which was its first day of trading.

In international markets, Russian stocks declined as Ukrainian troops clashed with Pro-Russia militants overnight. Russia also deployed troops along the Ukraine border.

Iraq remained a source of tension for markets, and drove crude oil prices up today. Iraqi troops have been battling ISIS militants for control of a key oil refinery, and news reports indicate that the militants are winning. Grand Ayatollah Ali al-Sistani, Iraq's top Shiite Cleric, called for a new administration in Iraq, implying the ousting of current Prime Minister Nouri al-Maliki.

With the rise in crude oil, energy was the top-performing S&P sector today.

Health care stocks also performed well, with biotech standing out. The iShares NASDAQ Biotechnology Index ETF (NASDAQ:IBB) rose 2.0%.

Monday's Financial Outlook

The economic and earnings calendars are light.

The June Chicago PMI report will be released at 9:45 a.m. ET, followed by May Pending Home Sales at 10:00 a.m.

Hertz Global (NYSE:HTZ) and Micron Technology (NYSE:MU) will report earnings after the close.

The tensions in Iraq and Ukraine have traders a bit nervous, but not quite enough to slow the bulls down. It may take a significant catalyst over the weekend to cause a disruption in US markets Monday.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

S&P Hits a New High Amid Geopolitical Tensions
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Geopolitical tensions flared up again, but US markets managed to score yet another all-time high.

Today was a quadruple witching expiration day, when equity options, index futures, index options, and single-stock futures all expire on the same day.

Quad witching days are sometimes associated with strong volatility, though it was a quiet day overall for US equity markets.

The S&P 500 (INDEXSP:.INX) rose 0.2% to 1,962.87, and touched a new all-time intraday high at 1,963.91. The Nasdaq Composite (INDEXNASDAQ:.IXIC)  and Russell 2000 (INDEXRUSSELL:RUT) also rose modestly.

Shares of BlackBerry (NASDAQ:BBRY) rose 7.9% to $9.81 after Citron Research issued a bullish report on the stock. Citron expects BlackBerry shares to hit $20, implying a 100%+ return from current levels.

Software giant Oracle (NASDAQ:ORCL) had a rough day after missing analysts' fourth-quarter earnings and revenue expectations on Thursday afternoon. The stock fell 4.0 to $40.82.

Amazon.com (NASDAQ:AMZN) fell 0.9% to $324.20, as investors debated the potential success of its Fire smartphone. The stock had rallied sharply on the Fire's introduction Wednesday, but with today's decline, all the gains have been given up.

Newly public financial technology firm Markit (NASDAQ:MRKT) rose 0.9% to $26.95. It rallied 11.3% Thursday, which was its first day of trading.

In international markets, Russian stocks declined as Ukrainian troops clashed with Pro-Russia militants overnight. Russia also deployed troops along the Ukraine border.

Iraq remained a source of tension for markets, and drove crude oil prices up today. Iraqi troops have been battling ISIS militants for control of a key oil refinery, and news reports indicate that the militants are winning. Grand Ayatollah Ali al-Sistani, Iraq's top Shiite Cleric, called for a new administration in Iraq, implying the ousting of current Prime Minister Nouri al-Maliki.

With the rise in crude oil, energy was the top-performing S&P sector today.

Health care stocks also performed well, with biotech standing out. The iShares NASDAQ Biotechnology Index ETF (NASDAQ:IBB) rose 2.0%.

Monday's Financial Outlook

The economic and earnings calendars are light.

The June Chicago PMI report will be released at 9:45 a.m. ET, followed by May Pending Home Sales at 10:00 a.m.

Hertz Global (NYSE:HTZ) and Micron Technology (NYSE:MU) will report earnings after the close.

The tensions in Iraq and Ukraine have traders a bit nervous, but not quite enough to slow the bulls down. It may take a significant catalyst over the weekend to cause a disruption in US markets Monday.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
S&P Hits a New High Amid Geopolitical Tensions
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Geopolitical tensions flared up again, but US markets managed to score yet another all-time high.

Today was a quadruple witching expiration day, when equity options, index futures, index options, and single-stock futures all expire on the same day.

Quad witching days are sometimes associated with strong volatility, though it was a quiet day overall for US equity markets.

The S&P 500 (INDEXSP:.INX) rose 0.2% to 1,962.87, and touched a new all-time intraday high at 1,963.91. The Nasdaq Composite (INDEXNASDAQ:.IXIC)  and Russell 2000 (INDEXRUSSELL:RUT) also rose modestly.

Shares of BlackBerry (NASDAQ:BBRY) rose 7.9% to $9.81 after Citron Research issued a bullish report on the stock. Citron expects BlackBerry shares to hit $20, implying a 100%+ return from current levels.

Software giant Oracle (NASDAQ:ORCL) had a rough day after missing analysts' fourth-quarter earnings and revenue expectations on Thursday afternoon. The stock fell 4.0 to $40.82.

Amazon.com (NASDAQ:AMZN) fell 0.9% to $324.20, as investors debated the potential success of its Fire smartphone. The stock had rallied sharply on the Fire's introduction Wednesday, but with today's decline, all the gains have been given up.

Newly public financial technology firm Markit (NASDAQ:MRKT) rose 0.9% to $26.95. It rallied 11.3% Thursday, which was its first day of trading.

In international markets, Russian stocks declined as Ukrainian troops clashed with Pro-Russia militants overnight. Russia also deployed troops along the Ukraine border.

Iraq remained a source of tension for markets, and drove crude oil prices up today. Iraqi troops have been battling ISIS militants for control of a key oil refinery, and news reports indicate that the militants are winning. Grand Ayatollah Ali al-Sistani, Iraq's top Shiite Cleric, called for a new administration in Iraq, implying the ousting of current Prime Minister Nouri al-Maliki.

With the rise in crude oil, energy was the top-performing S&P sector today.

Health care stocks also performed well, with biotech standing out. The iShares NASDAQ Biotechnology Index ETF (NASDAQ:IBB) rose 2.0%.

Monday's Financial Outlook

The economic and earnings calendars are light.

The June Chicago PMI report will be released at 9:45 a.m. ET, followed by May Pending Home Sales at 10:00 a.m.

Hertz Global (NYSE:HTZ) and Micron Technology (NYSE:MU) will report earnings after the close.

The tensions in Iraq and Ukraine have traders a bit nervous, but not quite enough to slow the bulls down. It may take a significant catalyst over the weekend to cause a disruption in US markets Monday.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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