Stocks swing from red to green in volatile trading after the Fed and Bank of Japan, fail to reassure concerned investors. Catch The Final Round at 4 p.m. ET with Jen Rogers and markets correspondent Nicole Sinclair.
Winners and losers
Stocks slipping in today’s trading include automaker Fiat Chrysler following a Citi downgrade to sell; American Airlines dropping on a downgrade, this one courtesy of BofA/Merrill Lynch; and Korn Ferry, the talent consulting firm tumbling after issuing current quarter guidance that disappointed the street.
Stocks bucking the tough tape higher today include network equipment maker Q-Logic on its merger with chipmaker Cavium; fellow chipmaker AMD surging on an upgrade from Canaccord Genuity; and Kroger, the nation’s largest supermarket chain climbing after reporting an earnings beat, citing expanded organic offerings and new e-commerce services like online ordering.
‘Misbehaving’ with Richard Thaler
Noted behavioral economist Richard Thaler discusses his new book, “Misbehavior,” on the origins of behavioral economists, and reveals some insight on what’s happening in today’s frenzied markets.
- If it’s the third Friday in June, it’s quadruple witching day for options, meaning various stock index futures, stock index options, stock options, and single stock futures, all expire on the same day. Since traders need to close out their positions on this day, it’s usually marked by increased volatility and higher volume.
- In the morning, we’ll get housing starts for May. Economists are looking for a seasonally adjusted annual rate of around 1.15 million new housing starts.
- Finally, Baker Hughes releases its rig count survey for the week. Recall last Friday the US rig count increased for the second straight week. It remains to be seen if the count continues higher with crude slipping back below $50 a barrel.