Stocks are in a holding pattern ahead of a busy week of earnings
The Dow Jones Industrial Average (DJIA) has explored a slim 36-point range on both sides of breakeven, with the blue-chip index last seen trading modestly higher on a lift from Home Depot shares. Stocks are holding near record highs ahead of a busy week of earnings, with Netflix set to kick things off after tonight's close and a fresh round of bank earnings due tomorrow morning. The S&P 500 Index (SPX) is also edging higher at midday, while the Nasdaq Composite (COMP) appears on track for a seventh straight win.
Continue reading for more on today's market -- and don't miss:
- The Russian stock hit with a rare downgrade.
- Amazon claims its latest victim.
- Plus, Apple options hot; Freeport-McMoRan pops; and BlackRock sinks.
Among the stocks with unusual options volume is Apple Inc. (NASDAQ:AAPL), with more than 300,000 contracts traded -- nearly two times the expected intraday rate. Most of the action has occurred on the call side, with 234,000 contracts on the tape, and buy-to-open activity detected at the July 150 call. AAPL stock was last seen trading up 0.8% at $150.19, after earning a price-target hike to $182 from $177 at Morgan Stanley -- in uncharted territory.
Mining name Freeport-McMoRan Inc (NYSE:FCX) is at the top of the S&P 500 Index (SPX), following last week's downgrade-related dip. FCX stock is up 5.2% at $13.25 to trade back above its 200-day moving average for the first time since late April, and on pace for its first close north of the 120-day trendline since early March.
BlackRock, Inc. (NYSE:BLK) is at the bottom of the SPX, after the investment firm turned in an earnings miss. BLK stock is trading down 3.1% at $424.69, but remains 11.6% higher year-to-date.