The DJIA tapped a new record high, even as oil prices plunge
The Dow Jones Industrial Average (DJIA) jumped triple digits out of the gate to a new record high, but has since pared these gains. Stocks are getting a boost from a surge in industrials, while traders are also digesting the latest trade deficit data, and the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), which showed 5.5 million job openings at the end of December. What's more, Wall Street is apparently turning a blind eye to plunging oil prices -- with March-dated crude futures trading down 1.8% at $52.05 per barrel. Meanwhile, the tech-heavy Nasdaq Composite (COMP) also snagged a fresh high earlier, while the broader S&P 500 Index (SPX) came within 2 points of hitting a new milestone of its own, but ran out of steam near this round technical barrier.
Continue reading for more on today's market -- and don't miss:
- The retail stock plummeting to annual lows after earnings.
- Analyst: Record highs for Apple Inc. (NASDAQ:AAPL).
- Plus, NVIDIA puts fly, the steel stock popping on analyst attention, and one drugmaker swooning on a C-suite shake-up.
Among the stocks with unusual options volume at midday is chipmaker NVIDIA Corporation (NASDAQ:NVDA). The company is preparing to report earnings Thursday night, and the shares are up 2.5% at $120.24 today -- just off a new record high of $120.92 -- despite a bearish brokerage note. NVDA puts are trading at double the expected intraday rate, with 38,301 contracts on the tape. The $110 level appears to be in focus, with the February and weekly 2/10 110-strike puts the two most active options. New positions are being initiated, with a mix of buying and selling activity spotted.
United States Steel Corporation (NYSE:X) is among the top performers on the New York Stock Exchange at midday. An analyst upgrade has helped boost the shares 0.7% to $34.45, widening X's year-over-year lead to roughly 343%.
Among the worst performers on the Big Board, meanwhile, is drug stock Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), off 4.4% at $32.84. Weighing on the shares is news CEO Erez Vigodman has resigned. TEVA has spent the past year sliding down the chart, with the 50-day moving average ushering the shares lower since August.
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