September 1, 2016 Market Wrap Up

The S&P 500 closed relatively unchanged on above average volume. All eyes will be on the employment situation numbers tomorrow. The consensus for nonfarm payrolls is 175,000 and unemployment rate of 4.8%. With that said, based on the straddle price for the SPY, the market is implying a .7% move (or $1.48).

Stocks in play today included: Genesco (GCO) -32.8%, Wynn Resorts (WYNN) +4.3%, Tesla Motors (TSLA) -5.3%, and Las Vegas Sands (LVS) +7.2%.

The VIX closed the day slightly higher at 13.48.

Crude oil futures prices have been on a four-day slide. Over that stretch, they’ve been down nearly 9%. Of course, all eyes and ears will be on the OPEC when they meet at an energy conference later in the month.

On the options front, we saw large call buying activity in Teradata Corporation (TDC), which traded 2.9 times normal option volume. In addition, we saw heavy put buying in Starz (STRZA), which was 55.1 times normal options volume.

Here’s what’s on tap for tomorrow:

Key Economic Data:
2 Sep 2016- Employment Situation 8:30 AM ET, International Trade 8:30 AM ET

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