Gold futures are eyeing a ninth straight win
U.S. stocks are trading higher at midday, led by a rally in tech stocks. Elsewhere, the market still digesting bitcoin buzz following South Korea's new regulations on cryptocurrency trading, and commodities remain in focus, with natural gas prices soaring, copper extending its quest for new highs, and gold eyeing a ninth straight win. At last check, front-month gold futures were 0.4% higher at $1,296.50 an ounce.
Continue reading for more on today's market, including:
- 2 FAANG stocks eyeing the Saudi Arabia market.
- How options traders can capitalize on red-hot copper.
- Plus, Macy's unusual options volume; the energy stock on a tear; and the bitcoin mining stock plummeting.
Among the stocks with unusual options volume is retail concern Macy's Inc. (NYSE:M), with roughly 32,000 puts traded -- three times the average intraday norm, and pacing for the 97th percentile of its annual range. The January 2018 21- and 22-strike puts are among the most active for M, with the weekly 1/5 23.50-strike put in the lead. At last check, Macy's stock was down 0.7% to trade at $25.45, despite receiving a price-target hike from Tesley Advisory Group to $28 from $25 this morning.
One of the top performers on the New York Stock Exchange (NYSE) is Southwest Energy Company (NYSE:SWN). The energy stock was last seen up 4% to trade at $5.68, but is still roughly 50% below its 2017 highs. The stock has picked up almost 7% in the past week alone.
One of the worst performers on Nasdaq is Riot Blockchain Inc (NASDAQ:RIOT). RIOT stock has dipped 9% to trade at $27.27, after South Korea's cryptocurrency trading regulations. Despite this fresh loss, RIOT stock has gained more than 750% over the past 12 months, after the company changed its focus to bitcoin mining machines.