The DJIA has fought its way back after earlier struggles, amid the start of first-quarter earnings season
The Dow Jones Industrial Average (DJIA) has rebounded back to breakeven after being down more than 61 points earlier, but will likely suffer a second straight weekly decline. Stocks are reacting to the kickoff of earnings season, while Wall Street continues to digest President Donald Trump's surprising remarks about the dollar and interest rates. Elsewhere, the March producer price index (PPI) posted an unexpected decline, while a University of Michigan survey found U.S. consumer sentiment to be more upbeat than anticipated.
Continue reading for more on today's market -- and don't miss:
- 3 bank stocks moving on earnings.
- VIX options traders have set their sights on these 2 levels.
- Plus, Deere options traders eye record highs; one white-hot tech stock; and Pier 1 shares sink post-earnings.
Among the names with unusual call volume today is machinery builder Deere & Company (NYSE:DE). While the stock is up just 0.1% at $109.48, its call options are trading at 12 times the expected intraday pace. In the lead is DE's April 115 call, where buy-to-open activity is detected -- suggesting options traders foresee a move into all-time-high territory by next Friday's close, when the front-month series expires.
One of the biggest gainers on the Nasdaq is Applied Optoelectronics Inc (NASDAQ:AAOI), jumping 15% to trade at $46.96. Shares of the fiber optics company are rallying on a strong preliminary earnings report, as well as some bullish analyst attention.
One of the worst percentage losers on the New York Stock Exchange is Pier 1 Imports, down 9.9% at $6.53. PIR stock is plunging on the retailer's poorly received earnings report, even though profit was above the consensus view. Meanwhile, Morgan Stanley raised its price target on Pier 1 stock to $5.50 from $4.