Dow, Nasdaq, S&P Pull Back from Record Highs

All three major indexes are well off their morning highs, as traders eye the latest earnings reports

Nov 7, 2017 at 12:00 PM
facebook X logo linkedin


After again touching record highs this morning, the Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) have pulled back sharply. Investors are digesting the latest round of earnings reports, and the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for September, which remained near record levels. Next up is an afternoon speech from departing Fed Chair Janet Yellen. Meanwhile, oil prices remain in focus following their recent run higher, though December-dated crude futures were last seen 0.3% lower at $57.24 per barrel.

Continue reading for more on today's market, including:

  • The shipping stock soaring to a fourth straight win.
  • Time to buy calls on this big-cap bank stock.
  • Plus, Snap call volume pops; Weight Watchers rallies; and a car stock getting buried.

midday market stats nov 7

Among the stocks with unusual options volume is Snap Inc (NYSE:SNAP), as the company prepares to report earnings after the close today. Much of the action appears bullish, with calls trading at four times the expected pace. In the lead by a mile is the weekly 11/10 16-strike call, where buy-to-open activity is taking place. As such, these bulls expect SNAP stock to rally above $16 by the end of this week, when the contracts expire. The shares were last seen trading at $15.24, up 2.8% today.

One stock making a big move on the NYSE today is Weight Watchers International, Inc. (NYSE:WTW), as the shares rally again after an earnings beat. WTW stock has gained 15.1% today to trade at $51.58, and earlier hit a four-year high of $54.47. The equity is now up over 350% this year.

One of the worst stocks on the Nasdaq today is TrueCar Inc (NASDAQ:TRUE), following the company's disappointing earnings release. The shares haves shed nearly one-third of their value to trade at $11.08, putting them on pace for their first close below the 320-day moving average in well over a year. TRUE stock has now given back roughly half its value since its two-year high near $22 from July.

true stock

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI