However, traders continue to eye rising bond yields and renewed tensions with North Korea
Despite worries regarding renewed tensions between the U.S. and North Korea, stocks are trading mostly higher at midday. A notable first-quarter beat from Macy's (M) is lifting retail stocks, though Wall Street is keeping an eye on rising bond yields and political uncertainty in Italy. At last check, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are cautiously higher.
Continue reading for more on today's market, including:
- Hedge funds adjusted their positions on these FANG stocks.
- Warren Buffett just doubled his stake in this drug stock.
- Plus, the retail giant attracting unusual call volume; why Boot Barn stock just soared to another fresh high; and the drug stock plummeting on an FDA rejection.
Department store concern Macy's Inc (NYSE:M) is attracting unusual options volume today, with roughly 58,000 calls traded so far -- about 10 times the intraday norm. Seeing the most action are the May 31.50, 32.50, and 33 calls, and it looks like one trader is rolling May 31.50 calls up and out to the weekly 6/1 32.50-strike calls. M stock was 7.8% higher at $32.28, fresh off a two-year high of $33.03, following the retailer's well-received first-quarter earnings.
The top performer on the New York Stock Exchange (NYSE) is clothing and shoewear retailer Boot Barn Holdings Inc (NYSE:BOOT), after the company reported an impressive fiscal fourth-quarter earnings beat. BOOT stock is 15.7% higher at $25.40, at last check, just off a more than two-year high of $26.25, pushing its nine-month gain to just under 200%.
The Nasdaq's worst performer today is drug stock Evolus Inc (NASDAQ:EOLS), after the Food and Drug Administration (FDA) rejected the company's Botox rival, citing issues related to chemistry, manufacturing, and the controls process. Evolus stock is down 30.4% at $10.20, easily landing on the short-sale restricted list.