A rebound in tech stocks is lifting the Nasdaq
U.S. stocks are broadly higher today, thanks to a rally in bank stocks. The financial sector is getting a lift from the European Central Bank (ECB), and ahead of the Fed's latest stress test results. The Dow Jones Industrial Average (DJIA) is pushing further into triple-digit territory at midday, erasing its weekly deficit in the process, with the S&P 500 Index (SPX) and Nasdaq Composite (COMP) posting strong gains, as well, as tech stocks rebound. For economic data, investors are digesting a 1.8% dip in the U.S. trade deficit for May, while pending home sales surprisingly fell in May -- marking a third straight monthly drop. Meanwhile, oil prices continue to recover, on pace for a fifth straight win, with August-dated crude futures up 0.9% at $44.62 per barrel.
Continue reading for more on today's market -- and don't miss:
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- Why analysts are calling for record highs from Square stock.
- Plus, put players hit GOOGL; a new high for Weight Watchers; and a stumbling tech stock.
Among the stocks with unusual put volume today is Google parent Alphabet Inc (NASDAQ:GOOGL), as traders continue to react to the European Union's decision to fine the tech giant. While calls still have the advantage on an absolute basis, puts are trading at two times the expected intraday rate. The most popular contract is the weekly 6/30 950-strike put, where buy-to-open activity seems likely. Bears have also been targeting the July 960 put. Buyers of these options expect GOOGL stock to continue to struggle in the coming weeks. At last check, GOOGL shares were 0.5% lower at $943.49.
Weight Watchers International, Inc. (NYSE:WTW) has been a familiar face at the top of the New York Stock Exchange. Today, the shares are up 4.7% at $33.87, and earlier hit a three-year high of $33.89. Weight Watchers stock has now nearly tripled in value on a year-to-date basis.
Over on the Nasdaq, content collaborating specialist Box Inc (NYSE:BOX) is pulling back, last seen 2.9% lower at $18.54. However, BOX stock once again bounced from its 50-day moving average, which has been containing pullbacks for more than a month.
