The S&P 500 and the DJIA are lower this Monday morning, but the NASDAQ is higher. At 26.2, the average P/E of S&P 500 stocks is now the highest it has been since 2009. Oil prices fell over the weekend, though gold and the dollar are little changed. The Japanese pharmaceutical company Takeda announced that it is acquiring Ariad Pharmaceuticals (ARIA) for $5.2 billion. ARIA stock is up 73% on the news.
Here are your Monday morning market metrics. Industries doing well today include semiconductors, metals & mining, and technology hardware. Industries showing weakness include electrical equipment, construction & engineering, and oil & gas. The VIX is up 6.2% to 12.02 after closing on Friday at 11.32. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 4,500 June 218 puts on the board. The total put/call ratio as of 10:00 AM was 1.31 (218,132/284,877). NYSE Adv/Dec 947/1,765. Nasdaq Adv/Dec 931/1,396.