Dow Jones Industrial Average Cautiously Higher; Nasdaq Retreats from Record High

The FANG Stock at New Highs Before Earnings

May 2, 2017 at 11:51 AM
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The Dow Jones Industrial Average (DJIA) has explored a relatively tight 55-point trading range today, with the blue-chip barometer last seen modestly higher. Caution seems to be setting in ahead of tomorrow's policy announcement from the Fed, with the central bank kicking off its two-day meeting today. Tech stocks continue to be in focus, too, ahead of tonight's quarterly earnings report from Apple Inc. (NASDAQ:AAPL). Ahead of the event, AAPL stock hit a fresh record high -- and helped the Nasdaq Composite (COMP) log its seventh straight all-time peak, just the second time this has happened since the tech boom in 1999. Nevertheless, the Nasdaq hasn't been able to hold on to these earlier gains, with the index trading lower at last check. 

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

  • The FANG stock at new highs ahead of earnings.
  • What has AMD stock headed toward its worst day in 12 years?
  • Plus, Valeant calls hot; Lumber Liquidators sinks; and Coach earnings impress.

midday market stats may 2

Among the names with accelerated call volume today is Valeant Pharmaceuticals Intl Inc (NYSE:VRX), with around 39,000 contracts traded -- four times the expected intraday rate. VRX stock is up 4.5% at $10.09, after CEO Joe Papa said the drugmaker is on track to repay its debts. In addition, the company is considering alternative names, according to Bloomberg. Options traders appear to be betting on more gains, with buy-to-open activity detected at the weekly 5/5 10.50-strike and July 10 calls.

One of the biggest decliners on the New York Stock Exchange (NYSE) today is Lumber Liquidators Holdings Inc (NYSE:LL). LL stock is down 15.3% at $20.68, after the flooring specialist's dismal earnings report. Nevertheless, the shares appear to have found a foothold near the round $20 level, home to LL's 2016 highs.

ll stock daily price chart may 2

Coach stock is the biggest advancer on the S&P 500 Index (SPX), following the retailer's impressive earnings report. At last check, COH stock was trading up 11.9% at $43.35 -- good news for Coach options traders.

 

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