Political Tension Pressures Dow Jones Industrial Average

3 Drug Stocks Breaking Out

Mar 6, 2017 at 12:04 PM
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The Dow Jones Industrial Average (DJIA) is taking a hit today, as the stock market pulls back amid fresh political uncertainty -- specifically, reports of missile tests out of North Korea. Wall Street is also digesting increased expectations the Fed will raise interest rates at next week's March meeting, while President Donald Trump continues to make headlines amid a number of key policy announcements. While the risk-off backdrop has the Nasdaq Composite (COMP) and S&P 500 Index (SPX) following the Dow into the red, it's providing a boost to gold, which is often seen as a safe-have asset.

Continue reading for more on today's market -- and don't miss:

  • The key level NVIDIA Corporation (NASDAQ:NVDA) options traders are targeting.
  • 3 drug stocks breaking out on FDA developments. 
  • Plus, GoPro hits a new low, Netflix outperforms, and Macy's moves lower again. 

stock market today march 6

GoPro Inc (NASDAQ:GPRO) puts are trading at an accelerated rate today, after Goldman Sachs predicted the stock could fall by more than 30%. At last check, GPRO put options were outpacing calls, accounting for four of the five most popular contracts. The most popular option is the March 8 put, and if traders are buying to open positions here, they're betting on extended downside for the shares in the weeks ahead. GPRO has dropped 6.7% so far today to trade at $8.25, earlier hitting a record low of $8.15. 

Netflix, Inc. (NASDAQ:NFLX) is outperforming on the Nasdaq today, despite the broad-market struggles. An ambitious bull note at UBS is providing a lift for the shares, which were last seen 1.6% higher at $141.42 -- though they're still on pace for their third straight close below the formerly supportive 20-day moving average. 

Macy's Inc (NYSE:M) is a big loser on the New York Stock Exchange (NYSE) today, falling 4.2% to trade at $30.42, putting the shares on pace for their lowest close in over a month. The losses are likely related to dwindling hopes of a buyout offer from Hudson's Bay. The shares traded as high as $34.37 on Feb. 3 when the M&A reports hit. 

macys stock chart march 6

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