Weekly Market Snapshot

News Last Week

  • Monday saw the biggest ever point drop in the Dow Jones Industrial Average, plunging 1600 points intraday before closing down 1,175 points. In percentage terms the loss was 4.6%.
  • The CBOE Volatility Index or VIX, spiked 84% Monday, its largest single day to that point.
  • CBOE Global Markets, the exchange behind VIX, fell nearly 15% Tuesday morning. A KBW report states that 20-25% of Cboe’s revenues are derived from VIX-related products.
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  • Credit Suisse announced that February 20 would be the last day of trading for their VelocityShares Daily Inverse Short-Term exchange-traded note. The trigger to liquidate came after the security had fallen more than 80% in value in after-hours trade Monday.
  • $17.4 billion was withdrawn from the world’s largest ETF, the SPDR S&P500 ETF over the 4 trading sessions up to and including Tuesday. This was the biggest 4-day outflow ever at that point.
  • Snapchat reported results after the close Tuesday with better-than-expected revenue and bottom line due to adding more users than expected. Shares were up over 40% in early trading Wednesday.
  • Chipotle stock dropped more than 10% Wednesday after a series of analyst downgrades.
  • Google shares fell after reporting earnings that beat revenue estimates but missed on earnings per share on Thursday.
  • Twitter recorded its first quarterly profit Thursday. Shares spiked more than 20%.
  • Nvidia reported better-than-expected earnings and guidance Thursday. Shares rallied 6.7% Friday.
  • PMI Services Index for January came in at 53.3, unchanged from the mid-month flash and down 0.4 from December.
  • ISM Non-Manufacturing Index for January rose to 59.9, well beyond estimates. The new orders component was 62.7 and employment went up 5 points to 61.6.
  • JOLTS for December were below estimates at 5.811 million. The year-on-year gain was 4.9%.
  • Jobless Claims for week 2/3 revealed initial claims at 221,000, taking the 4-week average to 224,500.
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News Next Week

  • Tuesday: Cleveland Federal Reserve Bank President Loretta Mester speaks at 8.00am.
  • Wednesday: Consumer Price Index for January at 8.30am.
  • Wednesday: Retail Sales for January at 8.30am.
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  • Thursday: Philadelphia Fed Business Outlook Survey for February at 8.30am.
  • Thursday: PPI Final Demand for January at 8.30am.
  • Thursday: Industrial Production for January at 9.15am.
  • Thursday: Empire State Manufacturing Survey for February at 8.30am.
  • Friday: Housing Starts for January at 8.30am.
  • Friday: Consumer Sentiment for February(p) at 10.00am.

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