Dow Jones Industrial Average Trades Higher; Fed on Tap

Analyst: Tesla Could Hit $500

May 24, 2017 at 11:50 AM
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The Dow Jones Industrial Average (DJIA) has traded in a slim 50-point range ahead of this afternoon's release of the Fed's meeting minutes, which Wall Street will dissect for hints of a possible June rate hike. Most recently, the Dow was trading higher -- on track to extend its winning streak to five sessions. A larger-than-expected drop in existing home sales, which echoes Tuesday's disappointing housing data, has done little to contain stocks, with the S&P 500 Index (SPX) and Nasdaq Composite (COMP) also taking aim at a fifth straight daily win. 

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

  • Analyst: Tesla stock could hit $500.
  • The latest retail stocks to spiral after earnings.
  • Plus, call traders blast Foot Locker; HIV data sparks a fire under INO stock; and the energy stock down 33%.

midday market stats may 24

Among the stocks with unusual options activity is athletic apparel retailer Foot Locker, Inc. (NYSE:FL), with nearly 10,350 calls traded -- 16 times the average intraday rate, and volume on track to settle in the 100th annual percentile. By comparison, just 550 puts have changed hands. Most of the action is due to the initiation of a possible calendar spread with long June 62.50 calls and short July 65 calls. At last check, FL stock was trading down 0.6% at $59.51, extending Friday's post-earnings downside.

Inovio Pharmaceuticals Inc (NASDAQ:INO) is near the top of the Nasdaq leader board, after the drugmaker reported upbeat preliminary data for its HIV vaccine. INO stock has jumped 28.6% to trade at $9.17 -- breaking out above recent congestion at its 200-day moving average.

INO stock daily price chart may 24

Aegean Marine Petroleum Network Inc. (NYSE:ANW) is the biggest decliner on the New York Stock Exchange (NYSE), after the fuel logistics firm's dismal earnings report was met with a downgrade at Stifel. At last check, ANW stock was trading down 33.3% at $7.00, levels not seen since last August.

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