Dow Sluggish As Harvey Weighs on Insurance Stocks, Oil

Oil prices have dropped as Tropical Storm Harvey hits the Gulf Coast

Managing Editor
Aug 28, 2017 at 12:00 PM
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The Dow Jones Industrial Average (DJIA) is lower at midday, as markets gauge the effect of Tropical Storm Harvey. Dragging on the Dow is Travelers stock, which is down amid an insurance-sector swoon, with oil stocks Exxon Mobil and Chevron also in the red with crude oil prices. While gasoline futures have soared in the wake of Harvey, October-dated crude futures were last seen down 3.2% at $46.32 per barrel. The S&P 500 Index (SPX) and Nasdaq Composite (COMP), on the other hand, are both higher to start the week, aided by a rally in healthcare stocks.

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

  • Goldman Sachs remains icy toward Tesla stock.
  • 3 drug stocks making big moves.
  • Plus, KITE option volume pops; Fitbit's shiny new toy; and another travel stock trips up.

Midday Market Stats Aug 28

Among the stocks with unusual options volume is drug stock Kite Pharma Inc (NASDAQ:KITE), with over 20,300 options traded -- 15 times the average intraday pace, and on track to finish in the 95th percentile of its annual range. KITE stock is currently up 28% to trade at $178.39 -- and just touched a new record high of $179.69 -- after Gilead Sciences agreed to buy Kite Pharma for $180 per share.

Fitbit Inc (NYSE:FIT) stock is up 6% at $6.07, near the top of the New York Stock Exchange (NYSE) today, as the wearable tech issue rolls out its new Ionic smartwatch, designed to compete with the Apple Watch. FIT stock is still down 16% year-to-date, but the boost today has the shares on pace to topple their 180-day moving average for the first time since October. 

Midday Market Chart FIT Aug 28

Travel site Expedia Inc (NASDAQ:EXPE) is among the worst stocks on the NYSE, down 4.2% to trade at $143.93. The stock is down amid reports Expedia CEO Dara Khosrowshahi will take over as CEO of ride-sharing firm Uber. EXPE stock is still up 25% year-to-date, but the drop today could mean a breach of its 100-day moving average for the first time since early March.


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