Quickly on this headline that mccain plans to vote no on the Graham Cassidy bill. Heres the s p 500 managed care index. This is the spike, it has changed a little bit, but you saw how it is falling going into this headline. Some of the large Health Insurance Companies Like the United Health cares of the world have not been moving much over the past few months, but they have been moving today. United health is still down. Those companies are seen as having more leverage in the Health Care Policy changing. Ne, which has more exposure to those who would be affected by changes to healthcare legislation. , an operator of many urgent care centers, has been volatile in recent days as well. Traders try to figure out what this vote could potentially mean. Turning back to broader markets, taking a look at the week that we have seen for the major averages. As we know, the three majors did hit records this week. The dow has been leading on the but, up a quarter percent, the s p little change, the
Record highs. Abigail very tight trading range. It could be the tightest of the year for the s p 500, and that is saying something. Only about a three point range weve seen for that index today. And again today will be a record close for the two major indices, even if the gains we are seeing are not terribly large in todays session. As we see stocks continue to climb, we look at the various measures volatility and what people are doing protection wise to have been falling. We talk about the vix, this is the Credit Suisse fear barometer that measures the cost of bearish to bullish and the three months option is down for the Third Straight week. It is looking at declines as we see global stocks complete a six quarter of gains. Theal stock here seen in msci all country world index. And that Credit Suisse fear barometer plunging as we continue to see what some see as complacency in this market. In todays session on the move our airlines. Delta coming out with an updated forecast for unit r
Today weve seen the nasdaq bounced between gains and losses , not clear its going to have a record close, but any game for any of the averages would be yet another record close. One of the things that has been contributing to what games there are the market today is the iso nonManufacturing Index. Take a look of the groups on the move today. You have staples and Consumer Discretionary shares that are higher. An index was at its highest in 12 years. The Services Industries in the u. S. Expanding at the highest pay is in 12 years, Manufacturing Index earlier in the week showed a similar level. We are seeing is measured of the economy expanded, though should mention utilities in real estate are the two bestperforming groups on a percentage basis. Discretionary, you have some the top percentage performers in the s p 500 today. Dollar tree is higher getting a , viacomm an upgrade higher with a lot of media strength and trip advisor as well and interpublic. The Advertising Company rounding o
That matters so much or stands out, but it is the fact that we have declines as opposed to gains for the s p 500. This is the first down day in and nine. There has been so much bullish momentum. The three major averages are on pace for weekly gains, but we do not have any record highs, the first time we have seen that this week. The nas whack nasdaq is down, and we can see if the tech heavy index can pull out of the weeds. This could have to do with the jobs report and the cryptic comments from President Trump, but it is also earnings season. This is a oneyear chart. The s p 500,ve those yellow lines, arrows, that is the q4 reporting season earlier this year, and the First Quarter earnings season earlier this year. On the bottom, a momentum indicator. We see before the Earnings Report. Reports, engine, this happened. We had the tech wrap. , so conditions were not overbought. We are starting to trend down, suggesting we might see these overbought conditions cooldown for a little bit. Bu
Small declines at this point. The dow and nasdaq slightly higher. Declines. The big banks are reporting earnings this week. Thirdquarter earnings season kicks off officially. This is a chart going back to 2014. See quarter after quarter, earnings have been revised down. Back in early 2016, we had back that era of macro risk. Investors are anticipating this earnings season may be beatable. Growth targets are earning for the Third Quarter and could act as a tailwind. Companies are likely to meet those forecasts. One stock not doing so well is ge. Down 26 . Its worst year since 2008. Its worst day since july. Three executives have left. Board. S are joining the new members are joining the board. It appears something has to be done. Maybe changes will help. Julia thank you. Scarlet it is a big week for u. S. Banks. Thirdquarter results have been reported this week. Forecasts have been revised upwards. There are signs loans may be lacking lagging. Let us bring in bloombergs michael moore, w