Volatility in stock markets as economic data is digested, with mixed performance in major indexes

From Schaeffer’s Research: 2024-06-21 12:11:30

Investors are navigating volatile stock markets on triple witching Friday, as major indexes fluctuate between positive and negative territory. The Dow Jones is slightly above fair value, while the S&P 500 and Nasdaq are slightly below, with economic data being digested. Flash services PMI for June reached a 26-month high at 55.1, while manufacturing PMI hit 51.7. Home sales dropped for the third month, but home prices hit all-time highs.

Gilead Sciences Inc receives options bull attention after successful late-stage HIV treatment trial, with 42,000 calls traded, seven times the average. GILD is up 2% at $69.88, down 13.6% year-to-date. Sarepta Therapeutics Inc jumps 35.9% to $167.77 after FDA expanded approval for gene therapy Elevidys, with analysts raising price targets. SRPT is up 74.4% in 2024.

Barnes & Noble Education Inc plummets 2.2% to $6.37 and hits record lows, with a 95.8% year-to-date decline. BNED moved lower after announcing a reverse stock split and new CEO, finishing higher only once since June. The exact catalyst for today’s drop is unknown.



Read more at Schaeffer’s Research: Stocks Volatile After Flood of Economic Data