Stocks Cautiously Higher As Markets Eye Trump Tax Plan

Financial stocks are soaring after Fed Chair Yellen's hawkish comments Tuesday

Managing Editor
Sep 27, 2017 at 12:25 PM
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The Dow Jones Industrial Average (DJIA) is cautiously higher at midday, after trading on both sides of the aisle earlier, attempting to snap a four-day losing streak in spite of ugly Nike earnings. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also modestly higher, with financial stocks emboldened by Fed Chair Janet Yellen's hawkish comments yesterday. Traders are digesting the details of President Trump's tax reform plan, which calls for a corporate tax rate of 20%, according to the framework posted online. Meanwhile, pending home sales dropped last month, while durable goods orders for August rose more than expected. 

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

  • The Dow and S&P 500 have done this just four times in history.
  • Shares of this new Amazon partner are soaring.
  • Plus, TMUS options volume approaches annual highs; Fitbit stock's extended rally; and Under Armour stock sinks.

Midday Market Stats Sept 27


Among the stocks with unusual options volume is mobile carrier T-Mobile US Inc (NASDAQ:TMUS), with over 98,000 options traded – 11 times the average intraday volume, and on pace for the highest percentile of its annual range. The most popular call is the weekly 10/27 66-strike call, with almost 31,000 contracts traded. According to Trade-Alert, one speculator is likely rolling their standard monthly October calls to buy the weekly calls, likely to bet on a merger with Sprint later in the month. Today, T-Mobile said it will acquire the remaining interest of Iowa Wireless from Aureon. TMUS is was last seen down 0.5%, at $62.73.

Fitbit Inc (NYSE:FIT) is making noise today, up 2.9% to trade at $6.74, after the company yesterday was selected to participate in the Food and Drug Administration's (FDA) elite new Digital Health Software Precertification Pilot Program. In addition, Fitbit's new Ionic smartwatch will be available at major retails starting Sunday. FIT stock has rebounded nearly 38% since its June 22 record low of $4.90, and recently retook its 200-day moving average

Midday Market Chart FIT Sept 27

Under Armour Inc (NYSE:UAA) is among the worst performers on the S&P 500 Index today, down 1.8% to trade at $16.22, after J.P. Morgan Securities issued a price-target cut to $13 from $18 -- in four-year-low territory. Furthermore, Nike's poor earnings are causing a sector-wide retail slump. UAA stock has shed 58% year-over-year, and the shares' 40-day moving average has served as a stiff ceiling since mid-July.


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