S&P, Nasdaq Lower on Trade Worries, Tech Slide

The Dow is steadily higher thanks to outperforming industrial stocks

Managing Editor
May 18, 2018 at 11:54 AM
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Stocks are trading mixed at midday, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) lower, as tech stocks slip and amid concerns about China and U.S. trade talks. President Donald Trump yesterday made it clear that he was doubtful a successful agreement would be made. Today, China denied reports that it offered the U.S. a $200 billion trade surplus reduction. The Dow Jones Industrial Average (DJI) is moving higher, however, thanks to a rise from blue chips Boeing (BA) and Caterpillar (CAT).

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

  • PayPal stock is soaring on a $2.2 billion buyout.
  • Analyst: 2 chip stocks that could rally 30% or more.
  • Plus, Campbell's options pop on a CEO surprise; Deere soars on fiscal second-quarter beat; and the Chinese tech stock plunging on COO walkout. 

Midday Market Stats May 18

Food manufacturer Campbell Soup Company (NYSE:CPB) is sporting unusual options volume today, with roughly 7,300 calls and 24,000 puts traded so far -- both surging about 16 times above the intraday norm. Put volume has already hit an annual high. Seeing the most action are the May 34 and 35, and June 33 and 35 puts. CPB stock is 11.3% lower to trade at $34.77, just off a five-year low of $34.35, after the company cut its full-year forecast and announced the surprise departure of its CEO. 

One of the top performers on the New York Stock Exchange (NYSE) is farming equipment concern Deere & Company (NYSE:DE), after the company reported an impressive fiscal second-quarter earnings beat and hiking its full-year forecast -- extending its string of positive earnings reactions. DE stock is 5.9% higher at $155.55, at last check, and is set to close above the 50-day moving average for the first time in two months.

Daily Chart of DE With 50 MA

One of the Nasdaq's worst performers today is Chinese tech name Baidu Inc (NASDAQ:BIDU), after the company's Chief Operating Officer Qi Lu stepped down. BIDU stock is down 8% at $257.39. The Chinese internet stock touched a fresh record high of $284.22 earlier this week.

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