The DJIA is modestly lower as traders await Fed speeches
The Dow Jones Industrial Average (DJIA) is coasting into the weekend, as stocks struggle for gains ahead of Fed Chair Janet Yellen's afternoon speech. Amid mounting expectations for a March rate hike, Yellen will approach the mic at 1:00 p.m. ET, while Fed Vice Chairman Stanley Fischer is also set to speak today. In a similar vein, traders are digesting an impressive ISM services index for February, with the services sector growing at the fastest rate since October 2015. As for the major stock indexes, the Dow and S&P 500 Index (SPX) are well on their way to another weekly win, while the Nasdaq Composite (COMP) is now only a few points higher for the week.
Continue reading for more on today's market -- and don't miss:
- Analysts see higher highs for these 2 soaring semiconductor stocks.
- Citigroup: It's time to "sell" GoPro Inc (NASDAQ:GPRO).
- Plus, options traders are suddenly betting against this travel stock, SNAP rallies again, and Costco's losses deepen.
Amid no apparent news, and with earnings not scheduled until the end of the month, Carnival Corp (NYSE:CCL) is seeing unusual options activity today. While call volume is also running at an accelerated rate, puts are trading are 20 times what's expected for this point in the session. The March 55 and 56 puts are easily the two most popular contracts, with seemingly straightforward buy-to-open activity taking place at each. In other words, options traders are betting on the travel stock moving lower in the weeks ahead. CCL was last seen down 1.4% at $55.80.
In just its second day of trading, Snapchat parent Snap Inc (NYSE:SNAP) is soaring once again, coming in as the top percentage gainer on the Big Board. At last check, the social media stock was up another 19.3% at $29.20, after topping out at $29.44. The move comes even after some analysts deemed the shares "significantly overvalued" shortly after SNAP's IPO.
One of the most notable losers on the NYSE is retail stock Costco Wholesale Corporation (NASDAQ:COST), as the shares continue to slide following the company's disappointing quarterly earnings report. The stock was last seen down 4.1% at $170.71, but remains comfortably above the all-important 50-day moving average, and could be finding support at the round $170 level, which corresponds with its August highs.
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