Home Depot's earnings took a major toll on the Dow today
Stocks are trading lower at midday, with the Dow Jones Industrial Average (DJI) plummeting 219 points at its intraday low on the back of Home Depot's (HD) disappointing sales. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also significantly lower, with housing stocks among the top decliners. A surging 10-year Treasury yield also has traders on edge, as the rate moved above 3% earlier to reach its highest point since July 2011.
Continue reading for more on today's market, including:
- One analyst is predicting 90% upside for Micron stock.
- Buy Valeant stock, says Mizuho.
- Plus, call volume surges on a retail ETF; which tech name is outperforming the broader index; and why Live Nation stock is plummeting.
Retail stock-based exchange-traded fund (ETF) SPDR S&P Retail ETF (XRT) is sporting unusual options volume today, with roughly 15,000 calls traded so far -- about 8 times the intraday norm. Seeing the most action is the weekly 6/1 45.50-strike call, where 11,204 contracts have traded on open interest of just 26 contracts. XRT was 0.3% higher at $46.20, as traders weigh HD earnings against a 0.3% uptick in April retail sales.
The top performer on the New York Stock Exchange (NYSE) is 3-D printing specialist 3D Systems Corporation (NYSE:DDD), with stock volume pacing in the 94th percentile of its annual range at midday. DDD stock is 10% higher at $13.42, at last check -- extending a recent recovery from a brief dip below previous resistance at its 120-day moving average -- and up 53% year-to-date.
One of the Nasdaq's worst performers today is holding company Live Ventures Inc (NASDAQ:LIVE), after the company reported fiscal second-quarter earnings last night. Live Ventures stock is down 9% at $13.91 to test support at its 200-day moving average.