7 Hours Ago
CBOE Volatility Index rate of change indicator hits April high last week
The CBOE Volatility Index (VIX)’s 10-day rate of change indicator rose to 32 last week. That marks its highest level since April, according to data analyzed by Canaccord Genuity analyst Michael Welch.
In the five times the indicator — not to be confused with the index itself — has touched this level over the past two years, Welch said it only once coincided with a near-term low in the stock market. In the other four occasions, he noted that the S&P 500 pulled back by between 2% and 10%.
Dubbed Wall Street’s “fear gauge,” the VIX offers a reading of volatility in the market.
— Alex Harring
7 Hours Ago
Ether ETFs poised for Tuesday debut
Ether ETFs seem set to launch in the U.S. on Tuesday, about six months after the debut of bitcoin funds.
Some of the companies that have been vying to launch ether funds include massive asset managers like BlackRock, Fidelity and VanEck. Crypto-focused firms like Bitwise, 21Shares and Grayscale — which is effectively converting its multi-billion dollar Ethereum Trust into two ETFs with different fee levels — are also jumping in.
The ether ETFs are expected to have less demand, at least initially, than the bitcoin ETFs, which have so far attracted more than $16 billion in net inflows, according to FactSet. Still, the funds are another sign that crypto is becoming increasingly entwined with the traditional financial system.
“Today’s approval represents further proof that crypto as an asset class is here to stay,” Ophelia Snyder, co-founder and president of 21Shares, said in a statement.
— Jesse Pound
7 Hours Ago
See the stocks moving after hours
These are some of the stocks making notable moves in extended trading:
- Cadence Design Systems — The electronic design stock slipped 1.6% on the back of soft earnings guidance for the current quarter. Cadence said to expect earnings of between $1.39 and $1.49 per share in the third quarter, while analysts polled by FactSet penciled in $1.61 a share.
- Crown Holdings — The packaging product maker jumped 6% on the back of full-year guidance that exceeded expectations. Crown said earnings should come in at between $6 and $6.25 on a per-share basis, above the estimate of $5.97 per share from analysts surveyed by FactSet.
- NXP Semiconductors — The chip company slid 8% after second-quarter adjusted earnings missed the Street’s expectations. NXP posted adjusted earnings of $3.20 a share, while consensus estimates came in at $3.21 per share, per LSEG.
See the full list here.
— Alex Harring
8 Hours Ago
Stock futures near flat
Stock futures tied to the Dow, S&P 500 and the Nasdaq 100 were all little changed shortly after 6 p.m. ET Monday night.
— Alex Harring
