Stocks are still on pace for strong weekly gains
Major stock indexes have spent most of the day well below breakeven, putting the S&P 500 Index's (SPX) historic win streak in jeopardy. The Dow Jones Industrial Average (DJIA) and Nasdaq Composite (IXIC) are pacing to snap win streaks of their own, as well, though the latter index earlier notched a new all-time record high. This morning's dreary jobs report -- which showed the first monthly payrolls contraction since 2010 -- is translating into a risk-off atmosphere across Wall Street, though stocks are still set to close the week with impressive gains. In focus this afternoon will be a number of speeches from regional Fed presidents, including New York Fed President William Dudley. Already today, Atlanta Fed President Raphael Bostic said that while he still expects another rate hike in 2017, he's "not wedded to anything."
Continue reading for more on today's market, including:
- The iPhone 8 issues plaguing Apple.
- Why short sellers are running from this manufacturing stock.
- Plus, the financial stock see heavy options activity; today's big IPO; and Darling Ingredients stumbles.
Among the stocks with unusual options volume is financial holding company Northern Trust Corporation (NASDAQ:NTRS), with roughly 12,000 calls traded -- 129 times the average intraday norm, and already at the highest percentile of its annual range. The November 100 call is most popular, with almost 10,200 contracts exchanged in what looks to be blocks of bullish, buy-to-open activity. At last check, NTRS was up 0.1% at $93.11, after J.P. Morgan Securities raised its price target to $94.50 from $91, and Deutsche Bank raised its target to $94 from $90. However, NTRS is struggling to fill its July bear gap.
One of the best stocks on the New York Stock Exchange (NYSE) is freshly public data center concern Switch, Inc. (NYSE:SWCH). SWCH stock priced its initial public offering (IPO) at $17.00 -- higher than expected -- but opened at $21.70 per share. The stock was last seen trading up 31% at $22.37, and earlier peaked at $24.90.
One of the worst stocks on the NYSE today is natural ingredient producer Darling Ingredients Inc (NYSE:DAR), with the shares down 9% at $16.30, following a downgrade to "neutral" from "overweight" by J.P. Morgan Securities, and a price-target cut of $1 to $18. DAR stock has been in a channel of higher highs and lows since an early March bull gap, and notched a two-year high of $18.65 just last week.
