Dow Eyes 25,000 on Diminished Trade War Worries

Shares of General Electric are also pushing the Dow higher

Managing Editor
May 21, 2018 at 11:56 AM
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U.S. stocks are soaring in afternoon trading, continuing to celebrate Treasury Secretary Steve Mnuchin's statement that "We are putting the trade war on hold." Specifically, the Dow Jones Industrial Average (DJI) is up more than 250 points -- and earlier surpassed 25,000 for the first time in two months -- amid the decreased trade tensions with China, as well as M&A news from General Electric (GE). Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher, seeing a push from chip stocks.

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

  • Why one expert thinks Tesla stock could surge 76%.
  • 2 machinery manufacturers higher on China buzz.
  • Plus, the retailer sporting unusual options volume; the department store stock higher on an analyst upgrade; and the blockchain stock plunging. 

Midday Market Stats May 21

Retailer Williams-Sonoma, Inc. (NYSE:WSM) is sporting unusual options volume today, with roughly 2,000 puts traded so far -- about eight times the intraday norm. Seeing the most action are the June 42.50 and 47.50 puts, with over 1,700 total contracted traded -- most of which looks attributable to a ratio put spread. WSM stock is 1% higher to trade at $49.21, with no clear catalyst to note. The retail stock has struggled since touching an annual high of $56.36 on March 16, with rebound attempts capped by its 30-day moving average.

One of the top performers on the New York Stock Exchange (NYSE) is fellow retailer Dillard's, Inc. (NYSE:DDS), after BofA-Merrill Lynch upgraded the stock to "buy" from "underperform," and boosted its price target to $89 from $60. DDS stock is 5.2% higher at $81.40, at last check, and is set to close above the 50-day moving average for the second straight day.

Daily Chart of DDS With 50MA

One of the Nasdaq's worst performers today is tech name Riot Blockchain Inc (NASDAQ:RIOT), though the driver remains unclear. RIOT stock is down 8% at $8.29. The blockchain stock is down 82% since its mid-December high, and last week backed down from its 80-day trendline.

 

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