Stocks opened lower this Tuesday morning as divisions grow between Qatar and other Middle Eastern states. Egypt, Saudi Arabia, UAE, and Bahrain have cut ties with Qatar, which they accuse of supporting Islamic extremism. Initial losses are being paired in early trading, and NASDAQ has now crossed into positive territory. Market valuations are getting quite high again, with the average S&P 500 P/E up to 25.75. There are big gains across the board in gold mining stocks this morning as the price of gold nears $1,300/ounce.
Here are your morning market metrics. Industries doing well today include healthcare technology, internet/catalog retail, and food products. Industries showing weakness include trading companies, multiline retail, and real estate management. The VIX is up 2.4% to 10.31 after closing on Monday at 10.07. The most heavily traded options this morning are for SPDR S&P Oil & Gas Exploration & Production ETF (XOP), with 10,535 July-21 34 puts and 10,510 July-21 36 puts on the board. The total put/call ratio as of 10:00 AM was 1.07 (325,292/349,514). The advancers/decliners ratio for the NYSE is 973/1,865 and for the NASDAQ, 1,049/1,612.