DOCSLIB.ORG

Last Change Nasdaq Futures Fall More Than 1% As Stocks Try to Round Out

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Last Change Nasdaq Futures Fall More Than 1% As Stocks Try to Round Out DAILY MARKET REPORT 30.07.2021 Index Last Change DJIA 35,084.53 153.60 S&P 500 4,419.15 18.51 NASDAQ 14778.26 15.68 NIKKEI 27,283.59 498.83 HANG SENG 25,810.55 504.77 DJ EURSTOXX 50 4,116.77 13.74 FTSE 100 7,078.42 61.79 CAC 40 6,633.77 24.46 DAXX 15,640.47 70.11 US Nasdaq futures fall more than 1% as stocks try to round out strong July Futures contracts tied to the major U.S. stock indexes fell in the overnight session as a soft earnings report from Amazon threatened to dampen an otherwise strong month ahead of July’s final day of trading. S&P 500 futures shed 0.77%, while those tied to the Nasdaq 100 fell 1.33%. Dow futures dipped 112 points. The week’s deluge of earnings reports continued after the closing bell Thursday, with e- commerce giant Amazon and social media platform Pinterest providing profit updates to investors. Amazon equity sank 7.4% in extended trading after it reported its first quarterly revenue miss in three years and gave weaker guidance. The move in Amazon’s stock helped weigh on Nasdaq 100 futures. Pinterest fell even further, down 19%, after saying it lost monthly users during the three months ended June 30. Shares of online brokerage Robinhood started trading on the Nasdaq at $38 per share on Thursday, but the stock eventually closed its debut session more than 8% lower $34.82 per share. Equities rallied during Thursday’s regular session even after the Commerce Department said economic growth in the U.S. decelerated somewhat in the second quarter. The Dow Jones Industrial Average gained about 150 points on Thursday after reaching a new intraday high. The S&P 500, which also briefly touched an all-time high, finished the day up 0.4% at 4,419.15. The tech-heavy Nasdaq Composite underperformed with a 0.1% gain, kept in check by a 4% drop in Facebook shares after the social media company’s earnings report. EUROPE & UK European stocks open lower with investors monitoring earnings, new data Earnings continue to take center stage in Europe with BNP Paribas, Renault, Air France- KLM and IAG among the big names reporting Friday. On the data front, initial flash estimates for euro zone harmonized inflation in July are due at 10 a.m. London time, along with second-quarter preliminary GDP estimates The pan-European Euro Stoxx 600 index was lower by roughly 0.8% in early deals, with mining and tech stocks leading the losses. Shares in Asia-Pacific declined again on Friday, heading for their worst month since March 2020, as volatile trading continued for Chinese tech stocks and Hong Kong’s Hang Seng index tumbled. Stateside, stock futures are pointing to a lower open on Wall Street, with futures contracts on the Nasdaq 100 falling sharply after e-commerce behemoth Amazon’s first earnings miss for three years. Earnings in focus Back in Europe, earnings continue to take center stage with BNP Paribas, Renault, Air France-KLM and IAG among the big names reporting Friday. BNP Paribas reported a 26% annual rise in net profit for the second quarter to 2.9 billion euros ($3.44 billion), exceeding market expectations on the back of a rebound in business activity. Renault posted a quarterly net profit of 354 million euros for the first half of the year, up from a substantial loss of nearly 7.3 billion euros for the same period last year as the pandemic shut down production across the industry. The French automaker forecast a full-year profit in 2021 despite the challenges caused by the global semiconductor shortage. L’Oréal on Thursday reported an acceleration in second-quarter sales growth in part due to a surge in U.S. makeup sales as lockdowns eased. On the data front, initial flash estimates for euro zone harmonized inflation in July are due at 10 a.m. London time, along with second-quarter preliminary GDP estimates. German annual consumer price inflation spiked to 3.1% in July, its highest since August 2008, prompting a leading services sector trade union to call for immediate and substantial wage increases. ASIA Hong Kong’s Hang Seng tumbles more than 2% as tech shares decline; Asia- Pacific markets dip U.S. stocks rallied despite data showing second-quarter gross domestic product rose less than expected. Investors will be watching how Chinese stocks end a week of volatile trading. SINGAPORE — Volatile trading continued for Chinese stocks on Friday, as losses were seen again — a day after they clawed back some gains following a dive early this week. Hong Kong’s Hang Seng index tumbled more than 2% by the afternoon. Declines were seen in tech stocks after they had jumped on Thursday. Alibaba tumbled 5.5%, Tencent was down 4%, and Meituan dived more than 8%. The Hang Seng Tech index overall lost more than 4%. Hong Kong’s Hang Seng index plunged more than 8% in two days early this week, and bounced back by 3% in Thursday’s session. Mainland-listed stocks were also subdued, with the CSI 300 tumbling 1%, Shanghai composite declining 0.53%, and the Shenzhen component down 0.48%. The yuan, however, recovered strongly, after selling off earlier this week, tracking the stock losses. The offshore yuan was at 6.4599 on Friday morning, after weakening to around 6.52 levels earlier this week. Japan leads losses in other Asia-Pacific markets Japan’s Nikkei 225 dipped 1.54% by the afternoon, while the Topix lost more than 1%. Reuters reported the country’s industrial output jumped 6.2% in June, sharply rising from a 6.5% drop in May. June retail sales rose 0.1% from a year earlier, less than forecasts for a 0.2% gain. South Korea’s Kospi was down around 1%. The S&P/ASX 200 in Australia was just above the flatline. Markets will be tracking the Covid situation in Sydney, which reported a record daily rise in Covid cases Thursday despite an extended lockdown. Reuters reported that authorities have requested help from the military in enforcing the lockdown. Meanwhile, National Australia Bank said it would buy back $2.5 billion Australian dollars ($1.85 billion) in shares, according to Reuters. Its stock was up around 0.9%. MSCI’s broadest index of Asia-Pacific shares outside Japan lost more than 1%. Stocks rallied stateside during Thursday’s regular session even though data showed U.S. second-quarter GDP rose 6.5% on an annualized basis, considerably less than the 8.4% Dow Jones estimate. The Dow Jones Industrial Average gained about 150 points on Thursday after reaching a new intraday high. The S&P 500, which also briefly touched an all-time high, finished the day up 0.4% at 4,419.15. “Yesterday’s rebound in Chinese equities after the recent regulatory induced sell-off provided a positive lead to the solid performance in risk asset overnight,” said Rodrigo Catril, senior FX strategist at National Australia Bank. Currencies and oil The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.968, dropping from levels above 92 the day before. The Japanese yen traded at 109.50 per dollar, strengthening slightly from levels above 109.9 earlier in the week. The Australian dollar changed hands at $0.7389, after a dip earlier in the week to around $0.735. Oil prices dipped in the morning of Asia trading hours, with Brent crude futures down 0.54% to $75.64 per barrel. U.S. crude futures were lower by 0.58% to $73.19 per barrel. Economic Release Europe and UK Event Survey Prior EUR : FRENCH CPI 1.2% 1.5% EUR: FRENCH GDP 0.9% 0.1% US and Canada Event Survey Prior US: PERSONAL SPENDING 0.7% 0.9% US: CHICAGO PMI 64.6 66.1 DOMESTIC MARKET Stocks Last Close Change Volume SOLIDERE A 29.1 29.22 0.12 2000 SOLIDERE B 29 29 0.00 0 HOLCIM 19.5 19.5 0.00 0 BLOM GDR #N/A N/A #N/A N/A #N/A N/A 0 BLOM BANK 3.2 3.2 0.00 0 AUDI 2.12 2.12 0.0 0 BYBLOS BK 0.94 0.94 0.00 0 FOREIGN EXCHANGE Currencies BID ASK EUR/USD 1.187 1.189 GBP/USD 1.395 1.397 USD/JPY 109.2 109.5 USD/CAD 1.243 1.245 USD/LBP 1510 1520 USD/CHF 0.906 0.91 Commodities Spot Closing GOLD 1829.79 1828.17 SILVER 25.5799 25.5144 CRUDE OIL 73.15 73.62 Market Summary Commodities Gold set for biggest weekly gain in over 2 months on dovish Fed stance B r Gold prices helde near a two-week high on Friday, and were set for their biggest weekly gain in more than ntwo months, on renewed signs that the U.S. Federal Reserve may not taper economic supportt and hike interest rates in the near term. c Spot gold wasr steady at $1,827.70 per ounce, as of 0053 GMT, after having hit its highest since July 15 uat $1832.40 on Thursday. Bullion was on track for its biggest weekly gain since May 21, havingd risen 1.5% so far. e U.S. gold futuresf eased 0.2% to $1,827.70 per ounce. u t The dollar index was steady at a one-month low hit in the previous session, after the U.S.
Load more

Recommended publications
  • Margin Requirements Across Equity-Related Instruments: How Level Is the Playing Field?
    Fortune pgs 31-50 1/6/04 8:21 PM Page 31 Margin Requirements Across Equity-Related Instruments: How Level Is the Playing Field? hen interest rates rose sharply in 1994, a number of derivatives- related failures occurred, prominent among them the bankrupt- cy of Orange County, California, which had invested heavily in W 1 structured notes called “inverse floaters.” These events led to vigorous public discussion about the links between derivative securities and finan- cial stability, as well as about the potential role of new regulation. In an effort to clarify the issues, the Federal Reserve Bank of Boston sponsored an educational forum in which the risks and risk management of deriva- tive securities were discussed by a range of interested parties: academics; lawmakers and regulators; experts from nonfinancial corporations, investment and commercial banks, and pension funds; and issuers of securities. The Bank published a summary of the presentations in Minehan and Simons (1995). In the keynote address, Harvard Business School Professor Jay Light noted that there are at least 11 ways that investors can participate in the returns on the Standard and Poor’s 500 composite index (see Box 1). Professor Light pointed out that these alternatives exist because they dif- Peter Fortune fer in a variety of important respects: Some carry higher transaction costs; others might have higher margin requirements; still others might differ in tax treatment or in regulatory restraints. The author is Senior Economist and The purpose of the present study is to assess one dimension of those Advisor to the Director of Research at differences—margin requirements.
    [Show full text]
  • Morning Briefing Global Economic Trading Calendar
    A Eurex publication focused on European financial markets, produced by MNl Morning Briefing March 12h 2015 Thursday sees a full day of data, with Council Member KlaasKnot speaks and be up 0.4%also excluding the German and French final inflation in Amsterdam. gasoline station sales. numbers the early feature. EMU data at 1000GMT sees the The US January business At 0700GMT, the German final January industrial output numbers inventories data will cross the wires February harmonised inflation data cross the wires. at 1400GMT. will be published. to be followed by the French numbers at 0745GMT Across the Atlantic, the calendar gets The value of business inventories is and the Spanish data at 0800GMT. underway at 1230GMT, with the expected to fall 0.2% in January after release of the February retail sales, small gains in recent months. ECB Executive Board Member February import/export index and the Benoit Coeure will deliver a speech jobless claims data for the March 7 Late data sees the US February on the future of euro area week. Treasury Statement set for release at investment, quantitative easing, and 1800GMT and Greek debt, in Paris, starting The level of initial jobless claims is at0745GMT. expected to fall by 12,000 to 308,000 the M2 money supply data for the in the March 7 week after rising by Mar 2 week at 2030GMT. Then, at 0915GMT, ECB Governing 7,000 in the previous week. The four- Council Member Jens Weidmann will week moving average rose by The U.S. Treasury is expected to hold a press conference, in 10,250 to 304,750 in the February 28 post a $188.5 billion budget deficit Frankfurt.
    [Show full text]
  • Mao Indictment
    Case 4:18-cr-00606 Document 1 Filed in TXSD on 10/10/18 Page 1 of 8 UNITED STATES DISTRICT COURT OCT 1 0 2018 SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION UNITED STATES OF AMERICA § § v. § CRIMINAL NO. § 18 CR 60 6 YUCHUN ("BRUCE") MAO, § Defendant. § INDICTMENT The Grand Jury charges that at all times relevant to this Indictment: The Defendant 1. Defendant YUCHUN ("BRUCE") MAO was employed as a trader at a proprietary trading firm with offices in, among other places, New York, New York, and Chicago, Illinois (hereinafter "Trading Firm A"). 2. MAO worked with two co-conspirators, CC-1 and CC-2, on a trading team (hereinafter, the "Trading Team") at Trading Firm A that traded, among other things, futures contracts on the Chicago Mercantile Exchange ("CME") and the Chicago Board of Trade ("CBOT"). Relevant Definitions and Market Background 3. The CME Group Inc. ("CME Group") was a commodities marketplace made up of several exchanges, including CME and the CBOT, which were based in Chicago, Illinois. At all relevant times, CME and CBOT were registered entities with the U.S. Commodity Futures Trading Commission ("CFTC"). 4. A futures contract was a standardized, legally binding agreement that, once executed, obligated the parties to the contract to buy or to sell a specific product or financial -1- Case 4:18-cr-00606 Document 1 Filed in TXSD on 10/10/18 Page 2 of 8 instrument in the future. That is, the buyer and seller of a futures contract agreed on a price today for a product or financial instrument to be delivered (by the seller), in exchange for money (to be provided by the buyer), on a future date.
    [Show full text]
  • Briefing.Com
    PORTFOLIO STRATEGY | PUBLISHED BY RAYMOND JAMES & ASSOCIATES Michael Gibbs, Director of Equity Portfolio & Technical Strategy | (901) DECEMBER 9, 2020 | 9:02 AM EST 579-4346 | [email protected] Joey Madere, CFA | (901) 529-5331 | [email protected] Richard Sewell, CFA | (901) 524-4194 | [email protected] Mitch Clayton, CMT, Senior Technical Analyst | (901) 579-4812 | [email protected] Morning Brew - December 9, 2020 U.S. FUTURES (BRIEFING.COM) The S&P 500 futures trade five points, or 0.1%, above fair value following yesterday's record closes in the benchmark index, Nasdaq Composite, and Russell 2000. Stimulus developments have been of interest this morning. Briefly, Treasury Secretary Mnuchin offered a new $916 billion stimulus bill that includes $600 direct payments to Americans but no enhanced unemployment benefits. The bill is slightly larger than the $908 billion bipartisan bill that excludes direct payments but includes unemployment relief. Democratic Congressional leadership called it progress, according to Bloomberg, but reiterated the need for unemployment relief and said talking points should still be focused on the bipartisan plan. They also shot down Senate Majority Leader McConnell's suggestion of leaving out funding for state and local governments. When the market opens for trading, attention will divert back to equities for the DoorDash (DASH) IPO, which priced shares at $102.00 for a $38.7 billion valuation on a fully-diluted basis. On the data front, investors will receive the JOLTS - Job Openings report for October and Wholesale Inventories for October (Briefing.com consensus 0.9%) at 10:00 a.m.
    [Show full text]
  • CME Group and Nasdaq Extend Exclusive Nasdaq-100 Futures License Through 2029
    October 1, 2018 CME Group and Nasdaq Extend Exclusive Nasdaq-100 Futures License Through 2029 Nasdaq futures and options on futures trade an average of 437,000-plus contracts each day, an increase of 52 percent year-to-date CHICAGO, Oct. 1, 2018 /PRNewswire/ -- CME Group and Nasdaq today announced a ten-year extension of CME Group's exclusive license to offer futures and options on futures based on the Nasdaq-100 and other Nasdaq indexes, through 2029. As the world's leading and most diverse derivatives marketplace, CME Group operates the largest equity index futures complex in the world. Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. "We are extremely pleased to extend our exclusive licensing agreement with Nasdaq, said CME Group Chairman and Chief Executive Officer Terry Duffy. "Building on more than 20 years of partnership, this agreement will ensure market participants worldwide will continue to have seamless access to our suite of Nasdaq products, allowing them to manage risk or gain exposure to the 100 largest non-financial companies. Customers also benefit from capital efficiencies by trading alongside our industry-leading equity index products." "The Nasdaq-100 has been a top performing large cap growth index over the last ten years and has been providing investors with access to the world's most innovative companies, including Amazon, Apple, Facebook, Alphabet, Intel, Microsoft, and Starbucks among many others," said Adena Friedman, President and CEO of Nasdaq. "We have been partners with CME Group for more than 20 years and extending our relationship enables market participants access to our global benchmark products in order to manage their equity market risk." In 1982, CME Group pioneered futures trading on equity indices.
    [Show full text]
  • Federal Register/Vol. 85, No. 39/Thursday, February 27, 2020
    11596 Federal Register / Vol. 85, No. 39 / Thursday, February 27, 2020 / Proposed Rules COMMODITY FUTURES TRADING All comments must be submitted in F. § 150.8—Severability COMMISSION English, or if not, be accompanied by an G. § 150.9—Process for Recognizing Non- English translation. Comments will be Enumerated Bona Fide Hedging 17 CFR Parts 1, 15, 17, 19, 40, 140, 150, posted as received to https:// Transactions or Positions With Respect and 151 to Federal Speculative Position Limits comments.cftc.gov. You should submit H. Part 19 and Related Provisions— RIN 3038–AD99 only information that you wish to make Reporting of Cash-Market Positions available publicly. If you wish the I. Removal of Part 151 Position Limits for Derivatives Commission to consider information III. Legal Matters that you believe is exempt from A. Introduction AGENCY: Commodity Futures Trading disclosure under the Freedom of B. Key Statutory Provisions Commission. Information Act (‘‘FOIA’’), a petition for C. Ambiguity of Section 4a With Respect ACTION: Proposed rule. to Necessity Finding confidential treatment of the exempt D. Resolution of Ambiguity SUMMARY: The Commodity Futures information may be submitted according E. Evaluation of Considerations Relied Trading Commission (‘‘Commission’’ or to the procedures established in § 145.9 Upon by the Commission in Previous 1 ‘‘CFTC’’) is proposing amendments to of the Commission’s regulations. Interpretation of Paragraph 4a(a)(2) regulations concerning speculative The Commission reserves the right, F. Necessity Finding but shall have no obligation, to review, G. Request for Comment position limits to conform to the Wall IV. Related Matters Street Transparency and Accountability pre-screen, filter, redact, refuse, or remove any or all submissions from A.
    [Show full text]
  • Before the Bell Morning Market Brief
    Before the Bell Morning Market Brief May 13, 2021 MORNING MARKET COMMENTARY: Anthony M. Saglimbene, Global Market Strategist Quick Take: U.S. stock futures pointing to a higher open; European markets are trading mostly lower; Asia ended down overnight; West Texas Intermediate (WTI) oil trading at $64.45; 10-year U.S. Treasury yield at 1.69%. Markets Churn As "Hotter" Inflation Sparks Growth Concerns: Yesterday, stock prices fell across the board, as rising inflation levels in April spooked already jittery investors. The NASDAQ Composite (down 2.7% on the day) and Growth stocks more broadly took it on the chin. Inflation levels last month looked much hotter than most expected (more on that below), prompting a further push into cyclical value stocks at the expense of Technology/Growth areas. While the market was broadly lower yesterday, the trend of cyclical value outperformance continued to mitigate overall declines on Wednesday. The Dow Jones Industrials Average (down 2.0%) and several value-based sectors were lower yesterday but did hold up better than the NASDAQ. As the FactSet chart below shows, the Dow has seen a generally consistent trend higher this year (until recently) — driven by a more concentrated exposure to cyclical value areas of the market. These value areas are seen as more leveraged to strengthening reopening trends and less impacted by rising inflation levels over the near term. In February, the NASDAQ turned sharply lower on inflation/interest rate fears, while the Dow was able to push higher and eventually create performance separation on the heels of a strengthening recovery.
    [Show full text]
  • The Regulation of Financial Product Innovation Typified by Bitcoin-Based Derivative Contracts
    2018-2019 FINANCIAL PRODUCT INNOVATION 765 THE REGULATION OF FINANCIAL PRODUCT INNOVATION TYPIFIED BY BITCOIN-BASED DERIVATIVE CONTRACTS DR. GIOVANNI PATTI* Abstract If Bitcoin and blockchain epitomize financial “product” and financial “process” innovation, respectively, the new innovative trend does not stop with Bitcoin and blockchain themselves. Bitcoin now represents an asset that offers the basis for the further development of financial “product” innovation through derivative contracts. The presence in the American financial markets of several types of Bitcoin- based derivative contracts, such as Bitcoin non-deliverable forwards, Bitcoin options, Bitcoin futures, and Bitcoin binary options is a clear signal of the new trend. It is notorious that one factor that has favored the creation and development of a market for Bitcoin-based derivative contracts is the attempt by the American-regulated derivative markets to attract the investment interests of institutional investors. Although Bitcoin-based derivative contracts offer the opportunity to gain exposure to the underlying asset through regulated designated contract markets (DCMs) and swap execution facilities (SEFs), they do not completely shield investors from some typical risks inherent in Bitcoin. Thus, there could be room for regulators to step in and support Bitcoin derivative markets in mitigating those risks. The present article aims to shed light on those risks and to suggest some regulatory interventions to mitigate them. The American Bitcoin derivative markets use different mechanisms for the determination of the reference price. These mechanisms present differences that are, in some cases, significant. Competition between derivative markets will likely lead to the natural selection of those markets with the most reliable mechanisms.
    [Show full text]
  • Nasdaq 100 Futures: 5 Key Facts to Know Before Trading
    Nasdaq 100 Futures: 5 Key Facts to Know Before Trading The Nasdaq 100 futures are part of the index futures contracts offered by the CME Group. They are one of the popular index futures with different versions, but the e-mini Nasdaq 100 futures tops the list in terms of volume and popularity. Similar to the E-mini S&P500 or the $5 Dow futures the Nasdaq 100 futures contract tracks one of the leading stock indexes in the U.S., namely the Nasdaq 100 index. Compared to the S&P500 e-mini (ES) index futures contracts, the e-mini Nasdaq 100 contracts are a bit cheaper when you compare the tick value. For example, a 0.25 index point move in S&P500 is valued at $12.50, while the tick value for the e- mini Nasdaq 100 contract is $5.00. The Nasdaq 100 futures contracts also exhibit some characteristics which sets it apart from the other index futures contracts. Besides some fundamental and technical differences, the Nasdaq 100 futures contracts allows day traders and investors to trade the contracts with relative ease, either for speculative purposes or to hedge the risks from the underlying market. The Nasdaq 100 futures contracts are all financially settled and there is no physical delivery of the underlying asset. (NQ) – The Nasdaq 100 Futures Price Chart Besides futures, traders can also gain exposure to the underlying market via options contracts as well. Although the Nasdaq 100 futures contracts might look similar to other index futures contracts, there are some subtle differences that set it apart.
    [Show full text]
  • Nasdaq Annual Report 2020
    Nasdaq Annual Report 2020 Form 10-K (NASDAQ:NDAQ) Published: February 25th, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-38855 ___________________________________ Nasdaq, Inc. (Exact name of registrant as specified in its charter) Delaware 52-1165937 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 151 W. 42nd Street, New York, New York 10036 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: +1 212 401 8700 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share NDAQ The Nasdaq Stock Market 0.875% Senior Notes due 2030 NDAQ30 The Nasdaq Stock Market 1.75% Senior Notes due 2029 NDAQ29 The Nasdaq Stock Market 1.750% Senior Notes due 2023 NDAQ23 The Nasdaq Stock Market 3.875% Senior Notes due 2021 NDAQ21 The Nasdaq Stock Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
    [Show full text]
  • Bofas Futures and Derivatives Client
    BANK OF AMERICA SECURITIES Rev 1/2020 1 of 35 Futures and Derivatives Client Clearing Disclosures BofA Securities, Inc. One Bryant Park, New York, New York 10036 Tel: 646.855.6506 BANK OF AMERICA SECURITIES Rev 1/2020 2 of 35 RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS The risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points: FUTURES (1) You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market, and you may incur losses beyond these amounts. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account. (2) The funds you deposit with a futures commission merchant for trading futures positions are not protected by insurance in the event of the bankruptcy or insolvency of the futures commission merchant, or in the event your funds are misappropriated. (3) The funds you deposit with a futures commission merchant for trading futures positions are not protected by the Securities Investor Protection Corporation even if the futures commission merchant is registered with the Securities and Exchange Commission as a broker or dealer.
    [Show full text]
  • Cme® Equity Index Futures and Options
    CME® EQUITY INDEX Information Guide FUTURES AND OPTIONS 2005 Table of Contents INTRODUCTION 3 Equity Index FLEX® Options 47 Frequently Asked Questions: FLEX Options 48 SECTION I: UNDERSTANDING THE INDEXES Index Trading Calendar 52 S&P 500®, MidCap 400TM, and SmallCap 600TM Indexes 6 Holiday Calendar 53 NASDAQ-100® and NASDAQ Composite® Indexes 10 Frequently Asked Questions: E-mini Futures 54 Russell 1000® and Russell 2000 ® Indexes 12 Price Limits 56 S&P 500/BARRA Growth & Value Indexes: Frequently Asked Questions: Equity Index Price Limits 58 Methodological Details 18 Frequently Asked Questions: Fair Value Settlement 63 Calculation of the Nikkei 225TM Stock Average 23 Frequently Asked Questions: EFPs 65 Special Opening Quotations 24 Frequently Asked Questions: Exchange How to Calculate Fair Value 28 Traded Funds Used as EFPs 69 Frequently Asked Questions: Block Trading 71 SECTION II: CONTRACT INFORMATION S&P 500 Index Futures & Options 30 SECTION III: STOCKS AND INDEX INFORMATION E-miniTM S&P 500 Futures & Options 31 S&P 500 Index Top 40 Stocks 78 S&P MidCap 400 Index Futures & Options 32 S&P MidCap 400 Index Top 40 Stocks 80 E-mini S&P MidCap 400 Index Futures 33 S&P SmallCap 600 Index Top 40 Stocks 82 S&P SmallCap 600 Index Futures 34 NASDAQ-100 Index Top 40 Stocks 84 NASDAQ-100 Index Futures & Options 35 NASDAQ Composite Top 40 Stocks 86 E-mini NASDAQ-100 Index Futures & Options 36 Russell 2000 Index Top 40 Stocks 88 E-mini NASDAQ Composite Futures 37 Russell 1000 Index Top 40 Stocks 90 Russell 2000 Index Futures & Options 38 S&P 500/BARRA
    [Show full text]