Dow Trims Losses, S&P Reverses Higher on Bannon Rumors

The DJIA is still on track for its worst two-week stretch since September

Managing Editor
Aug 18, 2017 at 11:58 AM
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The Dow Jones Industrial Average (DJIA) is trading lower at midday, as traders react to negative retail earnings and political uncertainty surrounding the Trump agenda. However, the blue-chip index has pared an early triple-digit loss, and the S&P 500 Index (SPX) and Nasdaq Composite (COMP) have turned higher, amid reports President Trump advisor Steve Bannon could be hitting the bricks. Still, the Dow is on track to post its worst two-week loss since September, with the COMP staring at a four-week losing streak -- its first since May 2016.

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

  • The $25 million bet on stock market volatility.
  • Exxon Mobil stock continues to crash and burn.
  • Plus, red-hot put buying for URBN stock; Deere stock tanks; and another retailer sinking after earnings.

Midday Market Stats Aug 18

Among the stocks with unusual options volume is retailer Urban Outfitters, Inc. (NASDAQ:URBN), with roughly 98,000 puts traded. That's 16 times the average intraday pace, and already in the 100th percentile of its annual range. Most of the action centers around huge trades at the September 30 put, where over 93,000 contracts have changed hands. URBN stock is currently up 1% to trade at $19.09, but has pulled back since its earnings victory on Wednesday.

Machinery maker Deere & Company (NYSE:DE) is trading lower, down 8% at $114.38 and near the bottom of the New York Stock Exchange (NYSE) today. Pressuring the shares -- which are on pace for their worst one-day loss in almost two years -- was a fiscal third-quarter revenue miss. DE stock is nevertheless up 10% for the year, but could end below its 180-day moving average for the first time since last August.

Midday Market Chart DE Aug 18 New

Foot Locker, Inc. (NYSE:FL) is among the worst stocks on the S&P 500, down 25% to trade at $36.25. FL stock earlier hit a three-and-a-half-year low of $34.75, after the retailer reported lackluster quarterly earnings. It's been a tough year for FL stock, which has shed 51% in six months, and is currently short-sale restricted. 



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