A number of tech stocks have suddenly fallen into negative territory
While U.S. stocks jumped out of the gate, the Dow Jones Industrial Average (DJIA) and its index peers have pulled back sharply from their early morning highs. The financial sector is leading the outperformers, thanks to broad gains from global bank stocks, while lower oil prices weigh on energy stocks. Specifically, August-dated crude futures have fallen 0.4% to $42.85 per barrel. Meanwhile, traders are digesting a bigger-than-expected drop in monthly durable goods orders, and a number of tech stocks -- including Apple and Amazon -- have seen their early gains evaporate, dragging the Nasdaq Composite (COMP) into negative territory.
Continue reading for more on today's market -- and don't miss:
- The REIT catching a Warren Buffett boost.
- Analysts are calling for fresh highs for Micron stock ahead of earnings.
- Plus, Sirius XM call buyers active; the biotech on a big win streak; and a dipping steel stock.
Among the stocks with unusual put volume today is satellite radio stock Sirius XM Holdings Inc. (NASDAQ:SIRI). Calls are trading at two times the expect intraday pace, thanks to heavy action at the weekly 6/30 5.50-strike call. Data points to buy-to-open action at the strike, suggesting options traders are betting on SIRI stock rising above $5.50 by Friday's close, when the contracts expire. Shares of Sirius XM were last seen 0.3% lower at $5.34, while fellow streaming music concern Pandora stock is higher on C-Suite news.
Cara Therapeutics Inc (NASDAQ:CARA) is at it again, as shares of the drugmaker continue to outperform on the Nasdaq. CARA stock was last seen up 9.1% at $24.72, earlier hitting an all-time high of $25.15, putting the shares on pace for a sixth straight positive session.
Nucor Corporation (NYSE:NUE) is one notable loser on the New York Stock Exchange today, as shares of the steel stock pull back following a price-target cut. At last check, NUE stock is down 0.7% at $57.11, putting it just beneath its 50-day moving average and year-to-date breakeven point.