The indexes have erased early losses as traders digest the first round of earnings
The Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) started the session in the red, as traders eyed the first big batch of quarterly earnings, led by big banks. However, the Dow has since peeked higher and touched another record high, and a rally in tech stocks has also helped the Nasdaq to an all-time peak. The S&P remains modestly lower, though, as media stocks continue to decline after threats from President Trump. Trump today is targeting healthcare, signing a new executive order meant to take aim at Obamacare.
Continue reading for more on today's market, including:
- The drug stock down 60%.
- Analyst: Buy this penny stock before earnings.
- Plus, Snapchat parent's unusual options volume; Twitter's big day; and Blackhawk's bear gap after earnings.
Among the stocks with unusual options volume is Snapchat parent, Snap Inc (NYSE:SNAP), with 112,000 options traded -- four times the average intraday norm, and pacing for the 99th percentile of its annual range. The October 17 call is the most popular, with over 8,000 contracts exchanged. The social media stock was last seen trading up 3.1% at $16.47, extending yesterday's analyst-induced rally, and on pace for its best close since a July bear gap.
One of the biggest gainers on the New York Stock Exchange (NYSE) is fellow social media stock Twitter Inc (NYSE:TWTR). The shares of TWTR are also pacing for their highest close since a July bear gap, up 4.2% at $18.48, on no discernible catalyst.
One of the worst stocks on the Nasdaq today is prepaid payments concern Blackhawk Network Holding Inc (NASDAQ:HAWK), with the shares gapping 17% lower to trade at $36.60, after the company issued weak third-quarter sales and cut its full-year forecast. The shares are now negative year-to-date, and have fallen 22% since touching an annual high of $46.70 on July 20.
