Fed Chair Janet Yellen will answer questions in London this afternoon
The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) have bounced off their lows to test positive territory, though the Nasdaq Composite (COMP) is lower at midday. This comes as tech stocks continue to cool following the European Commission's decision to fine Google, pushing shares of parent Alphabet nearly 1% lower. Traders are also digesting a mixed round of economic data. While consumer confidence for June topped expectations, home prices rose less than expected in April. Wall Street now turns its attention to Fed Chair Janet Yellen, who's set to answer questions in London this afternoon.
Continue reading for more on today's market -- and don't miss:
- Our founder and CEO Bernie Schaeffer explains how call buyers doubled their money on this healthcare ETF.
- Analyst: Western Digital stock can rally 26%.
- Plus, Intel put options popular; ELF shares rally; and a Wall Street favorite takes a dive.
Among the stocks with unusual put volume today is Intel Corporation (NASDAQ:INTC). The stock earlier hit its lowest point since early December, though it's pared its losses to trade up 0.2% at $34.13. Still, puts are trading six times the expected pace, due to tremendous volume at the October 34 put. Data points to buy-to-open activity here, meaning traders are betting on INTC stock struggling in the months ahead. Intel has come under pressure recently as competition from fellow chip stocks such as AMD has heated up.
Looking at the leaders on the Big Board, cosmetics maker e.l.f. Beauty Inc (NYSE:ELF) is having a strong day, last seen up 5.7% at $28.03. The shares have been hitting a series of higher lows since their early June nadir near $24, but will now try to push through the $28-$29 area that's capped its previous breakout attempts since late February. This region is also home to ELF stock's year-to-date breakeven level.
IMPINJ Inc (NASDAQ:PI) is down 9.3% at $53.96, near the bottom of the Nasdaq, following bearish analyst attention. Of course, this comes after a three-month stretch where shares of the radio frequency expert doubled in value, and hit a record high of $60.85 just yesterday.
