Dow Jones Industrial Average Tops 22K as Apple Soars After Earnings

The S&P and Nasdaq, however, are in the red at midday

Managing Editor
Aug 2, 2017 at 11:53 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJIA) is higher at midday, basking in the glow of breaking the 22,000 milestone for the first time ever, and on track for its seventh straight win. The Dow shot to a new intraday record of 22,036.10 on the strength of Apple earnings, which powered the FAANG stock to a record high of its own. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have been unable to match the Dow's momentum, however, and are currently in the red. Elsewhere, traders are digesting a smaller-than-expected increase in private-sector jobs in July, according to the ADP report -- often seen as a precursor to Friday's highly anticipated payrolls report.

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

  • How President Trump is hitting this Chinese stock.
  • The healthcare stock in a nosedive after a disappointing outlook.
  • Plus, Groupon calls heat up; the GPS maker in focus after earnings; and Nordstrom stock breaks a notable trendline.

Midday Market Stats Aug 2

Among the stocks with unusual volume is daily deal provider Groupon Inc (NASDAQ:GRPN), with roughly 16,000 calls traded. That is nine times the average intraday pace, and pacing for the 99th percentile of its annual range. The weekly 8/4 4-strike call is the most active, where over 3,000 contracts have traded. Groupon stock is currently up 7.5% to trade at $4.15 after an earnings beat.

Garmin Ltd. (NASDAQ:GRMN) is trading at the top of the S&P 500, after the GPS maker posted earnings that exceeded expectations, as well as raised revenue guidance for the year. GRMN stock is up 3.6% to trade at $51.82.

Nordstrom, Inc. (NYSE:JWN) is trading near the bottom of the NYSE, amid reports that buyout talks are still informal. As a result, the stock is down 4.5% to trade at $46.71. The drop today sends the shares below their rising 40-day moving average for the first time since early June.

 Midday Market Chart JWN Aug 2


If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Stock Pick Report


Special Offers from Schaeffer's Trading Partners