Dow Swings Lower as Cohn Resignation Rumors Swirl

The blue-chip index was up 120 points earlier

Mar 6, 2018 at 11:49 AM
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The Dow Jones Industrial Average (DJI) was up more than 120 points at its intraday peak, as traders initially cheered North Korea denuclearization talk. However, the blue-chip index has since swung to a triple-digit loss, after Bloomberg reported President Donald Trump believes his chief economic adviser, Gary Cohn, will resign should proposed steel and aluminum tariffs go into effect. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have followed the Dow into the red, while the Cboe Volatility Index (VIX) has turned higher.

Continue reading for more on today's market, including:

  • This Chinese stock is crushing shorts after earnings.
  • Stock buyers shouldn't miss this rare signal that just flashed.
  • Plus, options bulls blast booming Chevron; a sinking drug stock; and Ciena shares pop post-earnings.

midday market stats march 6

Among the list of stocks with unusual options volume today is Chevron Corporation (NYSE:CVX), with more than 34,000 contracts traded -- nearly seven times what's typically seen at this point, and volume pacing in the 100th annual percentile. Most active by a mile is the April 120 call, due to several mid- and large-sized blocks that were likely bought to open. At last check, the blue-chip energy stock was up 1.6% at $114.95, as traders react to headlines from the company's analyst day -- including reports it could resume its share buyback program.

GlycoMimetics Inc (NASDAQ:GLYC) is the worst stock on the Nasdaq at midday, after the drugmaker unveiled its main goal for a late-stage cancer drug trial. At last check, GLYC stock was down 20% at $18.26 -- on track to close south of its 50-day moving average for the first time since mid-November.

glyc stock daily chart march 6

Ciena Corporation (NYSE:CIEN) is one of the biggest gainers on the New York Stock Exchange (CIEN), after the networking specialist reported better-than-expected fiscal first-quarter earnings and revenue. Most recently, CIEN stock was trading up 8.2% at $25.27, headed toward its highest close since early August.

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