A win for the DJIA would mark the longest streak of record-high closes in history
The Dow Jones Industrial Average (DJIA) began the day lower after the latest estimate for fourth-quarter gross domestic product (GDP) came in below expectations. The index managed to find its way briefly into positive territory, however, exploring a narrow range of just 33 points so far. Traders have been digesting a mixed round of economic data, including a 15-year high in consumer confidence. But stocks may see little action today, as investors continue to await tonight's speech by President Donald Trump. In the meantime, the Federal Reserve will get a share of the spotlight, with several Fed officials stepping up to the mic. If the large-cap index can pull out another win, however, it will mark the longest streak of record-high closes in history.
Continue reading for more on today's market -- and don't miss:
- 2 retail stocks that could skyrocket in March, if history is any indicator.
- Are these 2 red-hot gold ETFs about to cool off?
- Plus, Target lands on the short-sale restricted list, NutriSystem notches a nine-year high, and the restaurant removing the "for sale" sign.
Retailer Target Corporation (NYSE:TGT) is among the stocks with unusual options volume, after an earnings miss and ugly guidance sent the shares slipping 12.2% to $58.70, fresh off a two-year low of $57.30. The loss has TGT on the short-sale restricted list, sending traders rushing to the options pits. At last check, the stock's puts are trading at 10 times the usual intraday rate, with more than 47,000 on the tape. In fact, put, call, and total options volume are all on pace for new annual peaks. Leading the action so far is the weekly 3/3 58-strike put, where it appears some traders are purchasing new positions, expecting TGT's slide to continue through week's end.
Diet specialist NutriSystem Inc. (NASDAQ:NTRI) is among the top performers on the Nasdaq at midday, booming 16.8% higher to $45.80, after earlier tapping a new nine-year high of $47.70. NTRI shares have more than doubled year-over-year, with today's gains coming after the company gave upbeat earnings and guidance, and received a round of bullish brokerage attention.
Among the worst performers on the Nasdaq, meanwhile, is Fiesta Restaurant Group Inc (NASDAQ:FRGI), down 23.6% at $19.83. The stock tagged a four-year low of $19.50 earlier, after disappointing same-store sales and a suspension of the board's sales evaluation process -- met with downbeat analyst attention -- sent FRGI skidding.
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