Volatile Trading for Stocks as Suspense Peaks on Iran Deal

Crude futures have slumped ahead of the president's decision on the Iran nuclear deal

Managing Editor
May 8, 2018 at 11:56 AM
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It's been a volatile day for stocks, with major equity indexes bouncing between positive and negative territory as investors anxiously await President Donald Trump's decision on whether or not to move forward with the nuclear deal with Iran. The president is expected to make his announcement from the White House at 2:00 PM Eastern. Against this uneasy backdrop, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are holding close to breakeven at midday, while June crude futures have dropped 2.6% to $68.87 per barrel.

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

  • 2 plummeting drug stocks.
  • Why Hertz stock has cratered 14% at last check.
  • Plus, surging options volume on Valeant; Care.com tops the NYSE; and the agri-chemical stock soaring on successful study data.

Midday Market Stats May 8

One stock sporting unusual options volume today is Valeant Pharmaceuticals Intl Inc (NYSE:VRX). So far, roughly 83,000 calls have traded -- nine times what's typically seen at this point in the day. Seeing the most action is the weekly 5/11 21-strike call, where more than 6,600 contracts have been exchanged following the company's first-quarter earnings beat. VRX stock is up 15% to $20.86, at last check, and earlier hit a four-month high.

Near the top of  the New York Stock Exchange (NYSE) is childcare and household job site Care.com Inc (NYSE:CRCM), after the company reported better-than-expected first-quarter earnings. Care.com stock is up 14% at $18.03, and on track to close above recent resistance at its 200-day moving average for the first time in over a month. Plus, today's rally has pushed the stock back onto positive ground for 2018.

Daily Chart of CRCM with 200MA

Agricultural chemical concern Arcadia Biosciences Inc (NASDAQ:RKDA) is one of the Nasdaq's top performers today, with the stock soaring after the company announced a successful field trial using their proprietary traits to grow rice crops. RKDA stock is up 11% at $10.32, at last check, pushing the stock's three-month gain to 136%.

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