Dow Jones Industrial Average Eyes 8th Straight Win

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

Managing Editor
Aug 3, 2017 at 12:02 PM
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The Dow Jones Industrial Average (DJIA) is slightly higher at midday, treading water just above the historic 22,000 milestone and fighting for a monumental eighth straight win. The Dow touched a new intraday record out of the gate -- a seventh straight all-time high for the index -- but has struggled to break out. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are both currently trading lower, though, as traders digest the latest batch of corporate earnings and economic data. The Institute for Supply Management (ISM) services index fell in July, though factory orders rebounded in June. In addition, weekly jobless claims came in lower than expected. Looking ahead, all eyes will be on tomorrow's monthly jobs report. 

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

  • Analysts: Record highs ahead for this video game maker.
  • 2 drug stocks swimming in red ink.
  • Plus, FIT's big day attracting calls; Marathon Oil breaks out; and Snap continues its tumble.

Midday Market Stats Aug 3

Among the stocks with unusual volume is wearable tech issue Fitbit Inc (NYSE:FIT), with roughly 23,000 options traded. That is six times the average intraday pace, and pacing for the 97th percentile of its annual range. The weekly 8/4 6- and 5.50-strike calls are the most active, where over 5,000 contracts have traded between the two. FIT stock is currently up 14% to trade at $5.74 after an earnings beat and plans for a smartwatch.

Marathon Oil Corporation (NYSE:MRO) is trading at the top of the S&P 500, after well-received earnings. MRO stock is up 7.9% to trade at $12.99, and is set to reclaim its 50-day moving average for the first time since mid April. 

Midday Market Chart MRO Aug 3

Snapchat parent Snap Inc (NYSE:SNAP) is trading near the bottom of the NYSE. Yesterday, a report surfaced that indicated younger users were spending over 32 minutes a day on Instagram, cutting into Snapchat's target audience. As a result, the stock is down 3.4% to trade at $12.21 -- and set for a fifth straight loss -- nearly 28% off its March IPO of $17. Earlier today, SNAP stock touched a record low of $11.90.

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