Stocks Lower as Traders Eye Tillerson, Tech

CIA Director Mike Pompeo was nominated as Secretary of State

by Emma Duncan

Published on Mar 13, 2018 at 12:09 PM
Updated on Mar 13, 2018 at 12:13 PM

After starting the day roughly 200 points higher, the Dow Jones Industrial Average (DJI) has pared most of its gains, as traders react to the firing of Secretary of State Rex Tillerson. President Trump nominated CIA Director Mike Pompeo as Tillerson's replacement, and named Gina Haspel the new leader of the spy agency. Meanwhile, despite easing concerns about inflation, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have turned lower, with the latter on track to snap a seven-day winning streak amid tech sector struggles.

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

Midday Market Stats March 13

Among the list of stocks with unusual options volume today is sports retailer Dick's Sporting Goods Inc (NYSE:DKS), with roughly 33,000 put contracts traded --  seven times what's typically seen at this point in the day. Most of the action is attributable to post-earnings activity at the April 26 put, with Trade-Alert pointing to sell-to-open activity. At last check, DKS stock was 5% lower to trade at $30.90.

One of the top performers on the New York Stock Exchange today is retail sector peer Kohl's Corporation (NYSE:KSS). Shares of KSS are higher after brokerage firm Credit Suisse initiated coverage with an "outperform" rating and $72 price target. In response, the retail stock has jumped 4% to trade at $64.94, but is still struggling to retake its 10-week moving average.

One of the worst performers on the Nasdaq today is Madrigal Pharmaceuticals Inc (NASDAQ:MDGL), as traders react to thecompany's fourth-quarter earnings. At last check, MDLG stock was down 11% at $127.30, making its way onto the short-sale restricted list, and testing support atop its 50-day moving average.

Daily of MDGL with 50MA


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