The DJIA has turned negative, as lower oil prices weigh on stocks
The Dow Jones Industrial Average (DJIA) has given up its early gains, as stocks cool following yesterday's Fed decision. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have also been pulled lower, after the latter came within a point of all-time highs, with broad losses from healthcare stocks weighing on the indexes. Meanwhile, oil prices remain in focus after crude futures snapped a seven-session losing streak yesterday. At last check, April crude futures were down 0.3% at $48.73 per barrel. Traders also continue to digest this morning's economic data, including the latest jobless claims numbers.
Continue reading for more on today's market -- and don't miss:
- The $1 billion news boosting Tesla stock.
- Why analysts are throwing in the towel on these 2 biotech stocks.
- Plus, Electronic Arts options bears step up; GoPro's big day; and the potential takeover target taking a dive.
Among the names seeing accelerated options trading today is video game stock
Electronic Arts Inc. (NASDAQ:EA). Put options are active today, as the shares pull back after hitting a fresh record high of $91.82 out of the gate, last seen at $89.58. In fact, puts are trading at nine times the normal rate for this point in the day, with volume driven by what appears to be a ratio put spread involving the weekly 4/7 85- and 87.50-strike puts. Elsewhere, heavy buy-to-open activity seems to be taking place at the March 90 put, which expires tomorrow. Despite today's weakness, EA stock has been brilliant on the charts, adding close to 39% during the past 52 weeks.
One of the top stocks on the Nasdaq today is GoPro Inc (NASDAQ:GPRO), with shares of the camera maker rallying 14.1% to $8.40, after the company announced plans to cut jobs and gave a promising first-quarter revenue prediction. Still, GPRO stock has a lot of ground to make up with shareholders, since its 52-week high from October stands at $17.68.
On the other end of the Nasdaq is drug stock Incyte Corporation (NASDAQ:INCY), which has given back 3% today trade at $148, pulling back from yesterday's record highs. The shares have more than doubled in value over the past year, and analysts are now suggesting the company could be a buyout target.
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