The DJIA has picked up steam, with all eyes on President Donald Trump's big meeting with Chinese President Xi Jinping
The Dow Jones Industrial Average (DJIA) started slow out of the gate, but has gradually muscled higher, ahead of the two-day summit between President Donald Trump and Chinese President Xi Jinping. Also, following yesterday's Fed minutes -- which expressed concerns that stocks are overvalued -- San Francisco Fed President John Williams echoed support for unwinding the central bank's balance sheet, "assuming the economy progresses." Meanwhile, the dollar is strengthening ahead of tomorrow morning's jobs report, and oil prices are climbing. At last check, May-dated crude futures were trading up 0.7% at $51.53 per barrel.
Continue reading for more on today's market -- and don't miss:
- Why we like this bank stock, from a contrarian trading perspective.
- How Goldman Sachs triggered AMD stock's bloodbath.
- Plus, a big bullish bet on energy; the drug stock soaring on patent news; and Plug Power pulls back.
Among the stocks with unusual call volume today is Devon Energy Corp (NYSE:DVN), with the contracts crossing at six times the expected intraday clip. According to Trade-Alert, one options trader bought to open a block of 10,423 May 43 calls for roughly $1.8 million (number of contracts * premium paid * 100 shares per contract), betting on extended upside through May expiration. Right now, DVN stock is 2.7% higher at $42.64.
One of the top percentage gainers on the Nasdaq so far is drugmaker Jazz Pharmaceuticals plc (NASDAQ:JAZZ), up 6.6% at $149.98. Boosting JAZZ stock is a patent settlement with Hikma Pharmaceuticals, along with a pair of bullish brokerage notes.
Among the worst percentage decliners on the Nasdaq is Plug Power Inc (NASDAQ:PLUG), shrugging off a price-target hike at Cowen. The energy stock was last seen 5.8% lower at $2.12, but remains 45% higher week-to-date, following Wednesday's Amazon-inspired bull gap.