Dow Under Pressure as Exxon Mobil Sells Off

Another White House resignation is also weighing on stocks

Karee Venema
Mar 7, 2018 at 12:04 PM
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The Dow Jones Industrial Average (DJI) was off more than 300 points at its intraday low, as the resignation of Gary Cohn as top economic adviser to President Donald Trump and a surging trade deficit -- which climbed to a nearly 10-year high in January -- rekindled fears of a looming global trade war. While the index has pared these losses, a sharp drop for Exxon Mobil (XOM) -- with the oil major failing to outline a share buyback plan at today's analyst day -- is keeping the Dow in the red. And while the S&P 500 Index (SPX) is trading lower, too, the Nasdaq Composite (IXIC) is fluctuating between gains and losses amid a positive day for biotechs.

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

  • Analyst: This FAANG stock has hit a ceiling.
  • Weight Watchers stock is set to snap lengthy losing streak on Oprah's vote of confidence.
  • Plus, ANF options explode after earnings; the penny stock soaring on blockchain buzz; and the retail stock at the bottom of the Nasdaq.

midday market stats march 7

Among the list of stocks with unusual options volume today is Abercrombie & Fitch Co. (NYSE:ANF), with nearly 13,000 contracts traded so far -- 13 times what's typically seen, and volume pacing in the 99th annual percentile. The March 27 call is most active, and it looks like new positions are being purchased here. At last check, ANF stock is up 13% at $24.12 -- fresh off an annual high of $24.52 -- after the retailer reported a fourth-quarter beat, thanks to strong same-store holiday sales.

ShiftPixy Inc (NASDAQ:PIXY) is the biggest percentage gainer on the Nasdaq at midday, after the employment platform said it is using blockchain as a digital ledger in some of its operations. At last check, the penny stock was up 44.5% at $3.71, but is running out of steam near the $4 mark -- a familiar ceiling that's contained PIXY shares since last August.

pixy stock daily chart march 7

Dollar Tree, Inc. (NASDAQ:DLTR) is at the bottom of the Nasdaq, as the discount retailer's fourth-quarter profit and same-store sales missed estimates. A dismal forecast is only pouring salt on the proverbial wound, with DLTR stock down 15.4% to trade at $88.34 -- slicing through recent support at the century mark.


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