US Markets
Stocks rise, but IBM’s collapse warps the tape
The major indexes finish higher, yet energy, rates and one huge earnings miss keep the session noisy.
U.S. stocks close higher, with the S&P 500 up 0.4%, the Nasdaq up 0.9%, and the Russell 2000 up 0.4%. The Dow barely moves, rising 0.0%. The S&P 500 closes at 7543.5898, while the Nasdaq ends at 26107.0078 and the Dow at 52508.2695.
Tech leads the sector board with a 1.3% gain. Financials rise 0.2%, energy adds 0.4%, materials gain 0.1%, and industrials are barely changed. On the flip side, healthcare falls 1.9%, staples lose 1.4%, real estate drops 0.5%, and communication services and discretionary also finish lower.
The day’s cleanest single-stock story is IBM. MarketWatch says the stock has its worst day ever after a surprise earnings miss and warning, and the shares fall 25.2% to 217.07. That kind of drop stands out even in a market that otherwise keeps the broad indexes afloat.
Options flow looks balanced but not euphoric. SPY put-call ratio sits at 0.93, with 3.9 million calls and 3.6 million puts. QQQ’s put-call ratio is 0.99, with call and put volume almost even. The VIX also slips 3.9% to 16.5, suggesting the market is not pricing in much stress by the close.