September insider selling hits highest level since March
Nasdaq ticks green, S&P 500 edges down, Dow off ~0.2%
Real estate weakest S&P sector; Energy leads gainers
Euro STOXX 600 index off ~0.2%
Dollar ~flat; gold up; bitcoin up ~1%; crude up >3%
U.S. 10-Year Treasury yield edges up to ~4.08%
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SEPTEMBER INSIDER SELLING HITS HIGHEST LEVEL SINCE MARCH
With U.S. equities up sharply year-to-date, company insiders sold stocks in September at the highest level in months, according to data from EPFR Liquidity Offerings.
Insider selling rose to $26.5 billion in September, for its biggest month since March, which was the highest month since December 2021 according to EPFR analyst Winston Chua.
The analyst notes that "high volumes of insider selling can precede drops in the equity markets," but with the United states in an interest rate easing cycle he points to "strong tailwinds for equities."
Since 2024 is "a banner year for stocks" Chua said insider selling is sometimes "heaviest when equity valuations are very high" as company executives want to take profits.
He also cited nervousness ahead of the Nov. 5 U.S. elections as another potential reason for insiders to sell.
"The weeks prior to the election can be a volatile time for equities with the uncertainty of who will lead the country in November," Chua added.
With insider selling amounting to $4.05 billion so far in October, the analyst says the month is off to a strong start although "on pace to be less than September’s total."
Here is EPFR's graphic showing changes in insider selling by month:
(Sinéad Carew)
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EPFR graphic showing changes in insider selling by the month https://tmsnrt.rs/47YKwE5
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