The major market indexes are shrugging off unexpected U.K. election results
Stocks are shrugging off unexpected U.K. election results, with the Dow Jones Industrial Average (DJIA) rallying triple digits at its session peak to hit record highs. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have also hit all-time highs, while the CBOE Volatility Index (VIX) earlier touched a 23-year low of 9.37. The financial sector is leading the charge, thanks to a big day from bank stocks. As such, the Dow, SPX, and Nasdaq are all on pace for a third straight weekly win.
Continue reading for more on today's market -- and don't miss:
- Analysts: Buy Facebook stock, not Snap stock.
- Buy puts on these 25 stocks.
- Plus, 2 bank stocks seeing heavy options volume; a high-rising drug stock; and more CarMax weakness.
Among the stocks with unusual options volume today are Dow components JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS), as they sport respective gains of 2.1% and 2.2%. JPM call volume is on pace to finish in the 98th percentile of its annual range, running at two times the expected pace, though much of the activity looks to be due to options traders closing winning positions amid today's jump. Meanwhile, GS call options are crossing at three times the expected pace, with the weekly 6/9 222.50-strike call in the lead by a wide margin. Data suggests a mix of buying and selling here, as traders take action before the contracts expire at today's close.
One of the top performers on the Nasdaq is drug stock Lexicon Pharmaceuticals, Inc (NYSE:LXRX). The shares are up 6.6% at $16.37, thanks to upbeat drug trial results. This puts LXRX stock back above its 200-day moving average, but the shares have struggled to maintain similar breakouts over the past year.
Over on the Big Board, CarMax, Inc (NYSE:KMX) is underperforming once again, down 1.4% at $59.88. The shares have been trending lower since their annual peak of $9.11 in mid-February, and are now testing support right at their 200-day moving average. As such, KMX stock is now down almost 7% year-to-date.