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The S & P 500 ended right at the closing low for February, down 2.6%. .SPX 6M mountain S & P 500, 6-months So what's likely to happen in March? On the technical side, not a single sector in the S & P is showing any momentum at all. Even with the decline in February, the S & P 500 is currently trading for nearly 18 times 2023 earnings. Even though February ended on a lousy note, the S & P 500 is still up 3.4% for the year.
Retail investors had a poor year in 2022, with the average portfolio ending the year down around 35% from all-time highs, Vanda Research previously estimated. However, retail investors have shown renewed interest in the early part of 2023. Meanwhile, shares of early meme stocks GameStop (GME.N) and AMC Entertainment (AMC.N) have pared some losses after last year's tumble. "Investor enthusiasm is also attracting short-sellers that are skeptical about some of the resulting valuations," said Evan Niu, an analyst at Ortex, which tracks real-time short interest data. AI software firm Veritone (VERI.O), SoundHound and BigBear.ai also show a pick up in short interest, Ortex data showed.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Interactive Brokers' Steve SosnickSteve Sosnick, Interactive Brokers chief strategist, joins 'TechCheck' to discuss the retail trade and what tech stocks you should be watching now.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInteractive Brokers' Steve Sosnick: Tesla has had a remarkable run since its lowsSteve Sosnick, Interactive Brokers chief strategist, joins 'TechCheck' to discuss the retail trade and what tech stocks you should be watching now.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Steve Sosnick on how to play semiconductor stocksSteve Sosnick, Interactive Brokers chief strategist joins 'TechCheck' to discuss his thoughts on how to play the chip sector and which big cap tech stocks to invest in.
2022's stock losers are this year's winners so far
  + stars: | 2023-01-30 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
But it’s still been a solid start to the year for the market — and many of last year’s losers have led the way on Wall Street so far in January. Discovery, which plunged nearly 60% last year, has surged 55% so far in 2023 and is the best performer in the S&P 500. Rising market tide lifting questionable boatsStill, some investors are worried this year’s market rally is eerily reminiscent of prior market bubbles. GameStop (GME) is up nearly 25%. “Most investors don’t realize the Fed has to fight the inflation in the stock market, too,” Trainer added.
The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), said it was still investigating and that traders may want to consider filing for erroneous trade claims. "Obviously, there were a lot of stocks that had major issues," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. Saluzzi said there was "zero failure tolerance" among traders for glitches at the key open and close of trading. The NYSE-listed stocks trade on all 16 U.S. stock exchanges, which use the NYSE's prices. In March 2018, the NYSE was the first exchange fined under Reg SCI.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to take the bank numbers with a grain of salt, says Interactive Brokers' Steve SosnickSteve Sosnick, Interactive Brokers chief strategist, joins 'Squawk on the Street' to discuss big bank results and what to expect moving forward.
Strategist Steve Sosnick is cautious heading into 2023 since interest rates are still high. A policy pivot from the Federal Reserve would jumpstart stocks, but Sosnick isn't counting on it. Here are seven top trends in markets and the economy that Sosnick is watching right now. Unlike many of his peers, Interactive Brokers' strategy chief Steve Sosnick doesn't spend his time predicting where stocks will go or recommending where to invest. In a recent interview with Insider, Sosnick gave his take on each and shared where he thinks his peers are right or wrong.
NEW YORK, Dec 28 (Reuters) - The price of Solana, a cryptocurrency token that had been lauded by FTX founder Sam Bankman-Fried, fell 10.36% on Wednesday, and is down 94.2% so far in 2022. The collapse of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world's biggest crypto exchanges. Solana , or SOL, is the token behind the upstart Solana blockchain, which supports smart contracts, including non-fungible tokens, and has emerged as a rival to the ethereum blockchain. FTX and Alameda, Bankman-Fried's trading firm, held Solana tokens on their balance sheets. While Solana has no direct relation to FTX, and had limited exposure to the failed exchange, its association with Bankman-Fried has been a drag.
There's also a rebalancing of the S & P 500 at the close. This doesn't usually cause a lot of mayhem, but there have been an unusually large number of options contracts that were still open Thursday. S & P 500 option open interest (puts+calls) (contracts, target price, followed by contracts) 4,000: 300,000 3,950: 150,000 3,900: 125,000 3,850: 80,000 Source: Interactive Brokers This is a lot of open interest. "Once it was clear 4,000 [on the S & P 500] was not holding, we sold off quickly and abruptly," he said. The index options prices are set by the opening prices on the S & P 500 on Friday, so expect a huge rush of volume at 9:30 a.m.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Interactive Brokers' Steve Sosnick and Wilmington Trust's Meghan ShueSteve Sosnick, Interactive Brokers chief strategist, and Meghan Shue, Wilmington Trust, join 'Squawk on the Street' to discuss the resilience of the U.S. economy, if we're in for a soft landing from inflation and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are not going to get a lot more information from the Fed, says Meghan ShueSteve Sosnick, Interactive Brokers chief strategist, and Meghan Shue, head of investment strategy at Wilmington Trust, join 'Squawk on the Street' to discuss the resilience of the U.S. economy, rising inflation, and more.
[1/4] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Equities were boosted by Tuesday's inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise. The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices. "The decline was triggered by reports of a Russian missile landing in Poland," said Steve Sosnick, chief strategist at Interactive Brokers. About 13.1 billion shares changed hands in U.S. exchanges, compared with the 12.2 billion daily average over the last 20 sessions.
The index is down about 3% since Tuesday's close and is down around 22% so far in 2022. On Thursday afternoon, with the S&P 500 index-tracking SPDR S&P 500 ETF Trust's (SPY.P) shares down 0.6% to $372.56, the most heavily traded SPY contracts were those that would guard against the ETF's shares slipping below $370 by Friday. SPY puts expiring at the end of next week, struck at the $350 mark, just above the ETF's mid-October intra-day low of $348.11, were the fourth most actively traded SPY options on Thursday. "Recent 'Fed meeting volatility' has not necessarily been confined to the Fed day itself," Christopher Jacobson, a strategist at Susquehanna Financial Group, said in a note. "Over the six prior Fed meetings year-to-date, the SPY has seen an average move of +/- 2.8% from the close on Wednesday (Fed day) to Friday's close," he said.
The pound touched its highest level since Sept. 13, continuing its rally after Rishi Sunak became Britain's prime minister. U.S. new home sales decreased 10.9% and mortgage rates reached their highest level in 20 years last week, data showed. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rallied more than 1%, while Japan's Nikkei (.N225) hit its highest level since Sept. 20. Market participants became cautious after major state-owned banks were spotted selling the dollar on Tuesday to stabilize the market, traders said. U.S. Treasury yields fell, helped by a weaker dollar and Fed hopes.
Hello and welcome to Insider Investing. I'm Joe Ciolli, and I'm here to guide you through the current market and investing landscape. Here's what's on the docket:If you aren't yet a subscriber to Insider Investing, you can sign up here. Investors are flocking to stablecoins, and governments around the world are creating their own versions. He broke down 3 potential drivers of AMC's almost 2,500% surge this year, and discussed how long the retail-fueled rally might last amid frenetic options activity.
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