Buying power remains strong for U.S. equities
The U.S. stock market is pushing further into record-high territory today, despite some alarming tweets overnight from President Donald Trump. The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) have each touched all-time peaks, with the healthcare and tech sectors leading the charge once again.
Plus, the Institute for Supply Management's (ISM) manufacturing index for December and construction spending in November both notched strong gains. Wall Street now awaits the release of the Fed meeting minutes, set to hit this afternoon at 2 p.m. ET, and continues to digest December auto sales.
Continue reading for more on today's market, including:
- When to buy stocks in 2018, according to Schaeffer's Senior Quantitative Analyst Rocky White.
- 4 stocks staging big gaps on merger news.
- Plus, GoPro options bears are out in force; a drug stock soaring for a fourth straight day; and Wayfair gets hit hard.
Among the stocks with unusual options volume is GoPro Inc (NASDAQ:GPRO), with heavy trading taking place at the February 8 put. Data gives the impression of buy-to-open activity here, and if that's the case, these bears are hoping GPRO stock falls further below the $8 level over the next six weeks or so. Shares of the action camera manufacturer have struggled mightily ever since a post-earnings collapse in early November -- though they're up 1.3% today at $7.53.
One of the top performers on the Nasdaq is Insys Therapeutics Inc (NASDAQ:INSY), as the drug stock extends what's been an unbelievable rally in recent weeks. Today alone, INSY shares have jumped 14.1% to trade at $13.15, putting them on pace for their highest close since July. This is the fourth straight session the stock has made an outsized move higher, and looking back further it's been trending upward since positive drug news hit on Dec. 26.
Over on the New York Stock Exchange, e-commerce stock Wayfair Inc (NYSE:W) is down 6.2% at $75.97, following a downgrade to "neutral" from "buy" at BofA-Merrill Lynch. The shares had been recovering nicely since their early November earnings sell-off, but are now pacing to close below the 20-day moving average for the first time since Nov. 15.