S&P, Nasdaq Hit New Highs Ahead of Senate Shutdown Vote

The healthcare sector is providing strength once again

Jan 22, 2018 at 12:12 PM
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The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both jumped to record highs today, despite uncertainty surrounding the government shutdown. While Senate Majority Leader Mitch McConnell has scheduled a vote this afternoon, the latest reports suggest there's no guarantee Democrats and Republicans will strike a deal. Investors are also digesting big healthcare M&A news and looking ahead to the latest batch of fourth-quarter earnings reports, with Netflix (NFLX) results due after the close. The Dow Jones Industrial Average (DJI) is flirting with positive territory, too, despite Apple stock's downgrade and a new six-year low for General Electric (GE).

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

  • How Goldman halted the momentum of one cybersecurity stock.
  • The biotech on track for its best trading day in months on strong cancer drug data.
  • Plus, Align Technology shareholders hedge their bets; Wynn Resorts soars again; and a sinking airline stock.

midday market stats january 22

One stock seeing unusual options activity today is Invisalign parent Align Technology, Inc. (NASDAQ:ALGN). Put volume has already surpassed the daily average, thanks to heavy buying at the February 250 put. But considering ALGN shares are up 190% over the past year to trade at $265.31, these out-of-the-money contracts are likely being initiated by shareholders seeking a downside options hedge.

Casino stock Wynn Resorts, Limited (NASDAQ:WYNN) is once again outperforming on the Nasdaq, last seen trading 5.5% higher at $189.56, and earlier tapping a three-year high of $189.80. The strong move comes after the company announced better-than-expected fourth-quarter earnings. Of course, this is nothing new from WYNN stock, which has more than doubled over the past 12 months.

Meanwhile, discount flight provider Spirit Airlines Incorporated (NYSE:SAVE) is sharply lower today, trading down 4.1% at $43.35, on no apparent news. The shares have been pulling back since closing above $48 back on Jan. 12, a price point that corresponds with SAVE's July 2017 bear gap.

save stock price


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