Local election results are casting doubts on the GOP tax plan
The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) remain stuck just below breakeven today, as stocks extend the choppy trading action seen all week. Holding back the indexes is weakness from bank stocks, which is being attributed to Republicans' poor showing in local elections last night, and doubts about the GOP tax plan. The Senate is expected to unveil its version of the tax bill before the end of the week. Without a strong showing this afternoon, the Dow could be in danger of snapping its six-day win streak.
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Among the stocks with unusual options volume is EXACT Sciences Corporation (NASDAQ:EXAS), as the biotech extends its outrageous rally up the charts. Specifically, the shares are up another 4% at $62.93, and earlier hit a record high of $63.60. EXAS stock is now up more than 370% in 2017. Calls are trading at two times the expected pace today, and in the lead is the November 65 call. Buy-to-open activity looks likely here, meaning options traders are betting on more upside in the weeks ahead.
One stock making a big move on the Nasdaq today is Match Group Inc (NASDAQ:MTCH), thanks to the company's strong sales and guidance. Shares of the online dating service have rallied 12.7% to trade at $30.32, earlier touching an all-time peak of $32.87. Year-to-date, MTCH stock has added 77%.
Over on the NYSE, Snap Inc (NYSE:SNAP) is falling hard after earnings, last seen 15.5% lower at $12.78, landing on the short-sale restricted list. The shares are pacing for their lowest close since mid-August. Making matters worse for shareholders, the Snapchat parent said it's redesigning its application.
