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Stocks rally on Friday after rough weeks

Major indices are in the green this Friday morning as the market awaits Janet Yellen’s speech in Jackson Hole WY. It has now been more than two weeks without a new high on the S&P 500, but the damage, coming in between one and two percent, is not as bad as one might suppose. Shares of Splunk (SPLK) are up 9% this morning after the company reported better than expected earnings and revenue in the second quarter, while shares of GameStop (GME) are down by 12%.

West Texas Intermediate crude is trading at $47.55. At present, the S&P 500 is up 0.5%, the DJIA is up 0.53%, and the NASDAQ is up 0.45%.

Here are your Friday morning market metrics. Industries doing well today include multiline retail, airlines, and communications equipment. Industries showing weakness include construction materials, independent power, and metals & mining. The VIX is down 6.5% to 11.44 after closing on Thursday at 12.23. The most heavily traded options this morning are for the SPDR S&P 500 ETF, (SPY), with 4,427 August-25 puts on the board. The total put/call ratio as of 10:00 AM was 0.95 (263,124/249,277). The advancers/decliners ratio for NYSE stocks is 2,003/786, while the advancers/decliners ratio for NASDAQ stocks is 1,691/980.

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Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.