Dow Up Triple Digits as Stocks Rally With Oil

Energy stocks are higher as crude trades in territory not charted since 2014

Managing Editor
May 7, 2018 at 11:51 AM
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U.S. stocks are trading higher at midday, as surging oil prices continue to take focus ahead of an expected U.S. decision on Iran sanctions. The Dow Jones Industrial Average (DJI) is up triple digits, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also see noteworthy gains, as the energy sector continues to climb alongside crude. At last check, June-dated oil was up 1.2% at $70.55 per barrel -- black gold's first stretch above $70 since 2014.

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

  • The FDA win boosting this pharma stock ahead of earnings.
  • Analysts expect higher highs for this athletic retailer.
  • Plus, the food stock attracting post-earnings options traders; a media stock higher on solid revenue; and the chipmaker plunging on an earnings miss.

Midday Market Stats May 7

One stock sporting unusual options volume today is Tyson Foods, Inc. (NYSE:TSN). So far, roughly 2,500 calls and 2,100 puts have traded -- eight and five times what's typically seen at this point in the day, respectively. Seeing the most action is the July 70 call, which has seen more than 629 contracts traded after Tyson Foods' earnings miss. TSN stock is up 1.2% at $67.86, at last check, recovering earlier losses.

Near the top of  the New York Stock Exchange (NYSE) is broadcasting network E. W. Scripps Co (NYSE:SSP), after the company reported strong quarterly revenue. Today's lift comes as a welcome surge for SSP shares, following last week's five-year low of $10.69. Today's rally has E. W. Scripps stock up 10% at $12.27, set to break above the recent resistance of its 30-day moving average.

Daily Chart of SSP Since May 2017 with 30 MA

Chipmaker Tower Semiconductor Ltd. (NASDAQ:TSEM) is one of the Nasdaq's worst performers, with the stock lower after the company reported a first-quarter profit miss for the first time in more than two years. TSEM stock is down a whopping 14% at $23.75, at last check, landing on the short-sale restricted list, and is fresh off a new annual low of $22.10.

 

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