Dow Erases Early Gains as Traders Eye Irma, North Korea

Stocks are still sluggish as Hurricane Irma, North Korea continue to weigh on markets

Managing Editor
Sep 7, 2017 at 11:52 AM
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The Dow Jones Industrial Average (DJIA) is slightly lower at midday, as investors keep their eyes trained on Hurricane Irma -- which has left most of Puerto Rico without electricity, and is still pacing for a potential Florida landfall on Saturday -- and a Harvey-related spike in jobless claims. Traders are also wary of another possible nuclear test from North Korea, which will celebrate its Foundation Day on Sept. 9. The S&P 500 Index (SPX) has joined the Dow in the red as financial stocks reverse yesterday's gains, while the Nasdaq Composite (COMP) is barely treading water above breakeven.

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

  • One analysts' lofty target for Amazon shares.
  • Hurricane Irma grounds this travel stock.
  • Plus, call buyers in a frenzy over GPRO's earnings; Fitbit surges; and General Electric stock slinks lower.

Midday Market Stats Sept 7

Among the stocks with unusual options volume is mobile camera specialist GoPro Inc (NASDAQ:GPRO), with over 25,000 calls traded -- eight times the average intraday pace, and arriving in the 99th percentile of its annual range. The front-month September 10.50 call has attracted notable attention, with over 3,200 contracts traded, with longer-term speculators eyeing the January 2018 11- and 10-strike puts. GPRO stock is currently up 15% to trade at $10.27, after its upbeat earnings report.

Fitness device maker Fitbit Inc (NYSE:FIT) stock is up 9.7% at $6.47, near the top of the New York Stock Exchange (NYSE) today, after the company announced a collaboration with Dexcom to provide continuous glucose monitoring for diabetics. Now, the shares are on pace to close above their 200-day moving average for the first time in nearly a year.

Midday Market Chart FIT Sept 7

General Electric Company (NYSE:GE) is among the worst stocks on the S&P 500 Index (SPX) today, down 2.5% to trade at $24.32, after J.P. Morgan Securities reiterated its "underweight" rating on the blue-chip. GE stock has shed 23% year-to-date, and at its current levels, is flirting with its Aug. 30 annual low of $24.15.  

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