The Dow is struggling in today's low-volume trading session
The Dow Jones Industrial Average (DJIA) has explored a slim 38-point range, with volume low ahead of the long Memorial Day weekend. While the Dow has been seen on both sides of breakeven, it was last seen trading lower -- on track to snap its six-session winning streak. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have also been hovering between modest gains and losses in the wake of Thursday's record highs. Despite the stock market's lackluster reaction to this morning's first-quarter gross domestic product (GDP) update, though, all three major benchmarks are set to settle the week with impressive gains.
Continue reading for more on today's market -- and don't miss:
- Analyst: "Buy the dip" on this spiraling tech stock.
- The chip stock at new highs after earnings.
- Plus, HPQ puts active; the cloud stock near the top of the Nasdaq; and the biotech succumbing to profit-taking.
Among the stocks with unusual options activity is computer name HP Inc (NYSE:HPQ), with nearly 23,300 contracts on the tape -- five times what's typically seen. Most active is the weekly 5/26 18.50-strike put, where it looks like one block of 10,832 contracts was bought earlier, though its unclear whether this was opening or closing activity ahead of tonight's expiration. After hitting a multi-year post-earnings high yesterday, HPQ stock closed the session down 3.4%. HPQ is down another 0.2% today at $18.33, to test its 50-day moving average.
Nutanix Inc (NASDAQ:NTNX) is one of the biggest gainers on the Nasdaq, after the cloud firm reported a quarterly revenue beat. At last check, NTNX stock was trading up 11.4% at $19.57, but has yet to fill an early March bear gap.
BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is one of the leading decliners on the Nasdaq. BCRX stock gapped higher on Thursday on upbeat drug data, but was last seen trading down 12% at $5.92.