April 7, 2015 Market Wrap Up

The S&P 500 closed the day lower; which was somewhat of a surprise, given that we were trading higher the whole day up until the last half hour. Of course, the biggest news of the week will come tomorrow. First, with the FOMC minutes in the afternoon; after the market close, earnings season kicks off with Alcoa (AA) after the bell.

Despite the end of day sell off, the VIX was nearly unchanged, staying under 15.

The energy sector continued it strength, many attribute it to yesterday, after Saudi Arabia raised their prices for crude to the Asian market. The United States Oil ETF closed at $19.06, good for a 3.4% move.

In individual stock news, FedEX (FDX) agreed to purchase TNT Express for $4.8 billion. The deal should help FedEX expand their operation over in Europe.

On the options front, we saw bullish call buying in OraSure Technologies (OSUR), CSX Corporation (CSX), and InterContinental Hotels Group Plc New (IHG). In addition, We saw bearish options activity in Hilton Worldwide Holdings Inc (HLT).

Here’s what’s left on the schedule this week.

Key Economic Data:
8 April 2015- FOMC Minutes 2:00 PM ET
9 April 2015- Jobless Claims 8:30 AM ET

Key Earnings:
8 April 2015- FDO, RAD, AA APOG, BBBY, PIR
9 April 2015- WBA, STZ