Dow Jones Industrial Average Hits New High; Tech Lags

Dow stock Boeing is trading in uncharted territory

Jul 31, 2017 at 11:53 AM
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The Dow Jones Industrial Average (DJIA) is higher at midday, after touching a record intraday high this morning, boosted by Boeing stock’s ascent to uncharted territory. The Dow is currently a chip-shot from the 22,000 milestone, and is on track for its fifth straight win. The Nasdaq Composite (COMP) is trading lower, however, as tech stocks continue their retreat. Oil’s win streak is currently in jeopardy, too, with September-dated crude futures currently down 0.6% at $49.40 per barrel. However, crude is still pacing for its best month of 2017. Elsewhere, traders are digesting a bigger-than-expected rebound in pending home sales in June, and a drop in Chicago-area business activity in July. 

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

  • Analyst: Sell this FAANG stock.
  • The drug stock up 73%.
  • Plus, AstraZeneca put buyers pounce; and 2 stocks moving on buyout buzz.

Midday Market Stats July 31

Among the stocks with unusual volume is drugmaker AstraZeneca plc (ADR) (NYSE:AZN), with roughly 14,000 puts traded. That is three times the average intraday pace, and pacing for the 99th percentile of its annual range. The front-month August 30 put is the most active, where over 6,000 contracts have traded. AstraZeneca stock is currently up 1% to trade at $30.57, reclaiming its 200-day moving average after a sharp drop last week following its lung cancer drug disappointment. Today, however, AstraZeneca said Imfinzi was granted "breakthrough" status by U.S. regulators.

Charter Communications, Inc. (NASDAQ:CHTR) is trading at the top of the S&P 500 Index (SPX), after the telecommunications firm said it has "no interest" in merging with Sprint. A price-target hike to $410 from $390 at Deutsche Bank is fanning the bullish flames, with CHTR stock up 4.6% at $387.33 -- earlier hitting a record high of $399.95.

chtr daily chart july 31

Discovery Communications Inc. (NASDAQ:DISCA) is near the bottom of the SPX, after the media company reported a second-quarter earnings miss and confirmed a $14.6 billion buyout of Scripps Networks. DISCA stock is down 7.2% to trade at $24.88, bringing its year-to-date deficit to 9.2%.

 

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