Tech Rally Can't Save Nasdaq from Worst Month in Two Years

Trump is keeping Amazon stock sidelined today

Mar 29, 2018 at 11:51 AM
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The Dow Jones Industrial Average (DJI) is flying high on the last trading day of the week, with the U.S. stock market closed tomorrow for Good Friday. At last check, the blue-chip index was up more than 275 points, thanks to a big bounce for Apple (AAPL). The rebound in tech stocks is helping lift the Nasdaq Composite (IXIC), too, even as Amazon (AMZN) drops after an early morning tweet from President Donald Trump took aim the e-tailer. A round of relatively upbeat economic data -- including a 14-year high in the University of Michigan's consumer sentiment index -- is helping fuel the bullish fire. Nevertheless, the DJI and S&P 500 Index (SPX) are headed toward their first quarterly losses since September 2015, while the IXIC is pacing for its biggest monthly decline since January 2016.

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

  • Buy the dip on these 2 Apple suppliers.
  • Analyst: This drug stock can double.
  • Plus, Dropbox options begin trading; GameStop sinks after earnings; and M&A buzz boosts one battery stock to a record high.

midday market stats march 29

Options trading became available on Dropbox Inc. (NASDAQ:DBX) today, after the file sharing service went public last Friday. DBX stock opened at $29 on March 23 -- versus the initial public offering (IPO) price of $21 -- and is up 6.5% at $32.99 today, fresh off a record high of $34.36. At last check, 3,000 DBX call options were on the tape, compared to 1,268 put options. The April 30 call is most active, followed by the April 35 call, but it's not clear if traders are buying or selling the options.

GameStop Corp. (NYSE:GME) is near the bottom of the New York Stock Exchange (NYSE), after the video game retailer's dismal full-year forecast was met with an onslaught of negative analyst notes. GME stock is down 10.5% to trade at $12.66 -- hitting a 12-year low of $12.20 earlier -- bringing its year-over-year deficit to 42.3%.

gme stock daily chart march 29

Energizer Holdings Inc (NYSE:ENR) is one of the best stocks on the Big Board at midday, after the Federal Trade Commission (FTC) approved the battery maker's buyout of Spectrum Brands, Inc.'s (NYSE:SPB) battery and portable lighting division. After tagging a record high of $64 earlier, ENR shares were last seen up 14.9% at $60.91. SPB, meanwhile, is 13.7% higher at $102.48.

 

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