Dow stocks Chevron and Exxon Mobil are headed in opposite post-earnings directions
The Dow Jones Industrial Average (DJIA) has traded in a tight 44-point range on both sides of breakeven, as mixed earnings reactions for oil stocks Chevron and Exxon Mobil play tug of war with the blue-chip index. The Dow was last seen modestly lower, but not before hitting a record high earlier today. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are trading lower, too, pressured by an earnings-related drop for FAANG stock Amazon.
Traders are also digesting this morning's gross domestic product (GDP) ahead of an afternoon speech from Minneapolis Fed President Neel Kashkari, and keeping an eye on rising oil prices. September-dated crude futures are up 1.3% at $49.69 per barrel, pacing for their biggest weekly win of the year. And while the Dow is on track to close higher on the week, the SPX and COMP are at risk of snapping their three-week winning streaks.
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Among the stocks with unusual option volume is social media stock Twitter Inc (NYSE:TWTR), with nearly 51,000 calls traded. That is two times the average intraday pace, with today’s TWTR call volume running in the 86th annual percentile. The January 2018 20-strike call is the most active, where 7,625 contracts have traded -- and data from the International Securities Exchange (ISE) confirms new positions are being bought to open here today. Twitter stock is currently up 0.6% to trade at $16.94, but remains below its formerly supportive 80-day moving average following its post-earnings bear gap yesterday.
Align Technology, Inc. (NASDAQ:ALGN) is at the top of the S&P 500 today, after the Invisalign maker's second-quarter earnings beat was met with price-target hikes at Credit Suisse (to $175) and Leerink (to $199). ALGN stock is up 9.2% to trade at $171.65, after earlier hitting a record high of $172.98.
Goodyear Tire & Rubber Co (NASDAQ:GT) is at the bottom of the SPX today, after the tire maker lowered its full-year tire unit sale forecast. GT stock is down 11.7% at $31.32, clinging to support at its year-to-date breakeven mark.