GDP, Powell, Nike, SPY and QQQ

Good morning!

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Futures are higher this morning, with the market trying to end the quarter/first half of the year on a high note. SPY is up about 0.75% on the week as of yesterday’s close. On the year the SPY is up about 14%, with the QQQ up an impressive 37%. Today, Jay Powell again speaks in Europe. On the economic front, we get the GDP number with the important PCE inflation data on Friday giving us a sense of the mood of the Fed, as well as growth and preferred inflation data they’re trying to navigate. Vol remains low, with very few expectations of large market swings anytime in the near future. The VIX futures term structure remains steep, but December is now 19.5, very near the VIX’s historical mean. In other words, vol is inexpensive near term, with the market’s actual day-to-day vol muted, but longer-term options are also getting to some of the lowest levels we’ve seen in the past few years. After the bell, we get results from Nike. Options are pricing about a 5.5% move.

Expected move today (0DTE)

SPY: 0.5%

QQQ: 0.7%

Pre-Market Movers:

  • Joby Aviation Inc (JOBY) +8.71%
  • Eco Wave Power Global Ab ADR (WAVE) +75.62%
  • Tesla Inc (TSLA) +1.73%
  • Blackberry Ltd (BB) +14.97%
  • Inc ADR (JD) -2.59%
  • Alibaba Group Holding ADR (BABA) -1.00%
  • Cormedix Inc (CRMD) -20.71%

Today’s Earnings Highlights:

  • NIKE, Inc. (NKE) Expected Move: 5.70%
  • Paychex, Inc. (PAYX) Expected Move: 4.77%
  • McCormick & Company, Incorporated (MKC) Expected Move: 5.12%
  • Progress Software Corporation (PRGS) Expected Move: 37.15%
  • The Greenbrier Companies, Inc. (GBX) Expected Move: 9.27%
  • Accolade, Inc. (ACCD) Expected Move: 25.03%
  • Rite Aid Corporation (RAD) Expected Move: 16.67%

Full list here: Options AI Earnings Calendar

Economic Calendar:

  • Fed Chair Powell Speech Impact: High
  • At 08:30 AM (EST) GDP Growth Rate QoQ (Q1) Estimates: 1.4, Prior: 2.6
  • At 08:30 AM (EST) Initial Jobless Claims (Jun/24) Estimates: 265, Prior: 264
  • At 08:30 AM (EST) GDP Price Index QoQ (Q1) Estimates: 4.2, Prior: 3.9
  • At 10:00 AM (EST) Pending Home Sales MoM (May) Estimates: -0.5, Prior: 0
  • At 10:00 AM (EST) Pending Home Sales YoY (May) Estimates: -17, Prior: -20.3

Scanner Highlights:
Based on the prior day’s trading action.

  • Overbought (RSI): DAL (89), UAL (79), JETS (79), AAL (78), OPEN (78), JBLU (77), LUV (77), PINS (73), SNAP (72)
  • Oversold (RSI): RAD (31), DIS (40), SBUX (42), BUD (42), AMGN (43), BP (43)
  • High IV: RAD (+242%), MANU (+188%), VMW (+167%), BYND (+116%), IBM (+108%), INTC (+105%), NKE (+102%), SPOT (+102%), MS (+102%), JNJ (+101%), NFLX (+97%), TSLA (+96%), MRK (+96%)
  • Unusual Options Volume: NLY (+1066%), BB (+709%), OPEN (+680%), DAL (+635%), RCL (+620%), CVNA (+609%), MU (+601%), UAL (+582%), SNOW (+565%), SPY (+507%), NFLX (+483%), HOOD (+465%), CCL (+456%)

Full lists here: Options AI Free Tools.

Chart of the Day:

Nike options are pricing about a 5.6% move.

That’s all for now. Have a great day!

The Options AI Team

Based upon publicly available information derived from option prices at the time of publishing. Intended for informational and educational purposes only and is not any form of recommendation of a particular security, strategy or to open a brokerage account. Options price data and past performance data should not be construed as being indicative of future results and do not guarantee future results or returns. Options involve risk, including exposing investors to potentially significant losses and are therefore not suitable for all investors. Option spreads involve additional risks that should be fully understood prior to investing. Securities trading is offered through Options AI Financial, LLC, member FINRA and SIPC.

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