Dow Sets New Intraday Record After Shaky Start

Oil prices crossed the $50 level for the first time since July

Managing Editor
Sep 14, 2017 at 12:03 PM
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The Dow Jones Industrial Average (DJIA) is slightly higher at midday, bouncing back from early losses -- and even managing to notch a fresh intraday record of 22,189.97 earlier. The market is digesting the latest employment and inflation data, the latter of which has raised expectations for a December rate hike. In that same vein, oil prices continue to climb, with October crude futures up 1.8% at $50.19 per barrel. This is the first time prices have crossed the $50 threshold since July 31. But while the Dow clings to slim gains, both the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are lower, and appear unable to build off Wednesday's record closing highs.

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

  • Why traders shouldn't ignore the buy signal on this oil stock.
  • The hits just keep coming for Equifax.
  • Plus, a Qualcomm call flurry; UNFI's earnings victory; and X stock sinks.

Midday Market Stats Sept 14

Among the stocks with unusual options volume is chip stock QUALCOMM, Inc. (NASDAQ:QCOM), with nearly 21,000 calls traded -- double the average intraday volume, and pacing in the 89th percentile of its annual range. The December 57.50 call is attracting the most attention, with over 14,000 contracts exchanged. QCOM stock is trading slightly higher today, up 0.3% at $51.14.

United Natural Foods, Inc. (NASDAQ:UNFI) stock is up 10% at $40.61 -- among the best on the Nasdaq Composite (COMP) today -- after an earnings report that exceeded expectations last night. The upbeat report bucks UNFI's recent earnings trend, and the subsequent rally today has the shares trading above their 160-day moving average for the first time since April.

Midday Market Chart UNFI Sept 14

U.S. Steel Corporation (NYSE:X) is among the losers on the SPX today, down 5% at $25.29, with downbeat economic data out of China overshadowing a price-target hike to $22 from $20 at Citigroup. X stock has added 57% year-over-year, and the drop today has the shares testing recent support at their 40-day moving average, which has contained pullbacks since June.

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