NEW YORK (CNNMoney)
Stocks opened slightly higher, with the S&P 500 opening to a new record high. The Dow Jones Industrial Average is up 30 points (0.18%). It is about 20 points shy of its record. But tech stocks are struggling, especially after a very poor quarterly report from Oracle (ORCL, Tech30). The Nasdaq is flat to slightly negative.
1. Low volatility: The stock market is seeing incredibly low volatility this week. The so-called "VIX" index of volatility is back below 11. It touched that point briefly earlier in June, but before that, the VIX wasn't below 11 since 2007.
"We're into sort of a catalyst light June Friday," said Art Hogan, chief market strategist for Wunderlich Securities.
Related: Rich investors worry about the stock market
2. The Land of Saints and Tax Shelters: AbbVie and its US tax liabilities are trying to take a trip to Ireland this summer, but Ireland-based Shire (SHPG) has rejected its unsolicited $46 billion bid for two reasons: it thinks its being undervalued and it it sees too many risks with AbbVie (ABBV) looking to move its tax base to the U.K. Shire shares are up 19%, and AbbVie stock is flat Friday.
3. Earnings moving stocks: Oracle (ORCL, Tech30) disappointed Wall Street, and now it's getting punished. Its stock is down about 6%.
Related: See how Oracle stacks up against the rest of CNNMoney's Tech 30
Darden Restaurants (DRI), which owns brands including Olive Garden and Longhorn Steakhouse reported poor earnings as well. The stock has fallen 3.4% this morning. Bring the bread sticks and salad.
4. Oil and gold: Worry about the situations in Iraq and Russia have investors -- and the world -- keeping an eye on oil and gold prices. Crude oil is up Friday, but it is still below the $107 level that set off alarm bells earlier in the week.
Gold had an incredible jump Thursday and is now trading well over $1,300. It is holding around that level on Friday. Gold tends to go up when investors are fearful.
5. Foreign stocks mixed: European markets were up-and-down, with the FTSE 100 up about third of a percent in afternoon trading. After U.S. stocks chalked up another strong finish Thursday, Asian markets were mixed
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First Published: June 20, 2014: 10:46 AM ET
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