Dow Falls Into the Red Despite China Tariff News

China announced it will decrease import tariffs on autos

Managing Editor
May 22, 2018 at 12:02 PM
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Despite this morning's announcement that China will lower automobile import tariffs, the Dow Jones Industrial Average (DJI) has shed early gains, giving up its foothold atop the 25,000 level. However, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are modestly higher, as trade tensions continue to cool. 

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

  • 3 auto stocks higher on China tariff news.
  • One analyst thinks this chip stock could double.
  • Plus, a retailer sporting unusual options volume; the oil stock set to take out a key trendline; and the biotech gapping lower on public offering news.

Midday Market Stats May 22

Department store chain Kohl's Corporation (NYSE:KSS) is continuing to attract unusual options volume, with roughly 13,000 calls and 14,000 puts traded so far today -- about seven times the intraday norm. Seeing the most action are the weekly 5/25 58-strike and June 61.50 puts, with the latter attracting new positions. KSS stock is 6.8% lower to trade at $60.99, giving up early post-earnings gains, after the company warned of slowing second-half comparable-store sales growth. The retail stock is still up 66% year-over-year.

One of the top performers on the New York Stock Exchange (NYSE) is oil-and-gas concern Sanchez Energy Corp (NYSE:SN), just one day after the firm said it will present at the RBC Global Energy and Power Executive Conference in early June. SN stock is 5.6% higher at $4.33, at last check, and is set to close above the 200-day moving average for the first time since Jan. 17.

Daily Chart of SN with 200MA

One of the Nasdaq's worst performers today is biotech concern Ardelyx Inc (NASDAQ:ARDX), after the company proposed a public offering of $50 million in common stock. ARDX stock gapped 20% lower to $4.55, at last check, and earlier fell as low as $4.40 -- territory not charted since August. The biotech is down 31% year-to-date.

 

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