Stocks Turn Lower With Oil; Nasdaq Clings to Gains

Weekly crude inventories rose more than expected

by Emma Duncan

Published on Feb 28, 2018 at 12:10 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJI) was up triple digits at its intraday peak, as stock traders initially celebrated the latest gross domestic product (GDP) estimate and shook off concerns about Fed rate hikes. However, the Dow and S&P 500 Index (SPX) have since turned lower, weighed down by healthcare and energy stocks. At last check, April-dated oil futures were 1.8% lower at $61.86 per barrel, after domestic crude inventories rose more than expected. The Nasdaq Composite (IXIC), meanwhile, is clinging to modest gains with help from FAANG stocks Netflix (NFLX) and Amazon (AMZN)

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

  • Analyst: "Avoid" this telecom stock.
  • The big pharma stock spiraling on revenue forecast. 
  • Plus, ETSY's big win; another impressive retail earnings; and a pharma stock swimming in red ink.

Midday Market Stats Feb 28

Among the list of stocks with unusual options volume today is online small-shop retailer Etsy Inc (NASDAQ:ETSY), with more than 21,000 options traded -- 14 times what's typically seen at this point in the day. Most of the action is attributable to closing activity at the now deep out-of-the-money June 15 put. At last check, ETSY stock was an impressive 22% higher to trade at $25.71, just off a nearly three-year high of $26.10 -- territory not charted since shortly after its IPO -- and up 112% year-over-year.

One of the top performers on the New York Stock Exchange today is TJ Maxx parent TJX Companies Inc (NYSE:TJX). Shares of TJX are higher after the company reported a fourth-quarter same-store sales beat. The stock has since jumped 7% to trade at $82.89, and touched a fresh record high of $83.95 during intraday trading.

One of the worst performers on the Nasdaq today is ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), after the company posted a fourth-quarter revenue miss and disappointing drug sales. At last check, the pharma stock was down 17% at $25.90, dropping onto the short-sale restricted list.

Daily Chart of ACAD Since March 2017

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