Dow Up Triple Digits After Shaky February Start for Stocks

Futures were down big ahead of the open, but stocks are showing resilience

Emma Duncan

Managing Editor

Feb 1, 2018 at 11:59 AM

Despite stock futures signaling another big sell-off ahead of the bell, the major equity benchmarks are holding their own at midday. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are modestly higher, while the Nasdaq Composite (IXIC) has clawed its way onto positive ground. In the wake of a remarkably strong January performance for stocks, traders today are weighing lackluster productivity data -- down 0.1% in the fourth quarter, versus an expected rise -- against a strong post-earnings rally from Facebook (NASDAQ:FB) ahead of tonight's round of FAANG results.

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

The drug stock living up to bullish expectations.
Goldman loses conviction on a high-flying chip stock.
Plus, QRVO's unusual options volume, and the cell phone stock making a comeback.

Midday Market Stats Feb1

Among the stocks with unusual options volume today is Apple supplier Qorvo, Inc. (NASDAQ:QRVO), with more than 11,000 calls traded -- 15 times what's typically seen at this point in the day. Traders are reacting to the preannouncement of an iPhone supply deal, which also triggered upgrades from Instinet and BofA -Merrill Lynch. At last check, QRVO stock was up over 15% at $82.99, fresh off a nearly three-year high of $85.24.

Outperforming on the New York Stock Exchange is mobile network stock Nokia Oyj (NYSE:NOK). NOK shares gapped higher after the company revealed better-than-expected fourth-quarter earnings, and the CEO announced "we are coming back very fast." At last check, Nokia stock was up 13.4% at $5.45.

One of the worst performers on the Nasdaq today is electronic payments processor PayPal Holdings, Inc. (NASDAQ:PYPL), after its former parent company eBay (EBAY) announced its migration to a new payment partner. In response, PYPL is down 7% at $79.74. Today's bear gap brings PYPL back in touch with its 70-day moving average, which provided key support for the stock back in late 2017.

Daily Chart of PYPL Since Feb 2017 with 70MA

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