Crude futures are higher after the IEA upwardly revised its global demand forecasts
After two days of volatile trading, the Dow Jones Industrial Average (DJIA) has explored a slim 48-point trading range on both sides of breakeven. The Dow was last seen in positive territory, though, on track to nab another record close. Stocks are rising with oil prices, with August-dated crude futures trading up 1.5% at $46.15 per barrel, after the International Energy Agency (IEA) boosted its global crude demand for this year and next. Traders are also keeping an eye trained on Capitol Hill, where Fed Chair Janet Yellen is continuing her congressional testimony for a second day and Senate Republicans just released their updated proposal to replace Obamacare.
Continue reading for more on today's market -- and don't miss:
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- Plus, 2 surging retail stocks; and Seagate Technology slumps.
Among the stocks with unusual options volume is Macy's Inc (NYSE:M), with more than 12,000 calls traded -- more than two times the expected intraday rate. With M stock up 4.1% at $22.11 -- after bottoming at a six-year low of $20.85 on Tuesday -- the August 24 call is one of the retailer's most active options. It looks like new positions are being purchased here, as traders bet on a bigger bounce over the next five weeks.
Gap Inc (NYSE:GPS) is near the top of the S&P 500 Index (SPX) as Target's upwardly revised profit outlook boosts the retail sector. GPS stock is trading up 4.7% at $22.59 -- continuing to bounce off Monday's annual low of $21.02, and edging back above its year-to-date breakeven mark.
Seagate Technology PLC (NASDAQ:STX) is one of the biggest decliners on the SPX, after the data storage specialist was hit with a round of bearish analyst attention. STX stock is trading down 4.2% at $38.01, and has fallen in the red for 2017.