Dow Soars as OPEC Rumors Boost Oil Prices

Big-cap energy stocks XOM and CVX are in rally mode

by Emma Duncan

Published on May 30, 2018 at 12:04 PM

The Dow Jones Industrial Average (DJI) is up triple digits at midday, as blue-chip energy stocks Chevron (XOM) and Exxon Mobil (XOM) surge alongside oil prices. At last check, July-dated crude futures were trading 2.2% higher at $68.16 per barrel, after a Reuters report suggested the Organization of the Petroleum Exporting Countries (OPEC) and other global oil producers will maintain current output cuts through the end of the year -- offsetting this morning's soft economic data. The stock market rally is broad, too, with the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) moving higher, and the Russell 2000 Index (RUT) fresh off an all-time peak.

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

  • Options bulls are winning big on this booming pharma stock.
  • Analyst targets 20% upside for this soaring tech stock.
  • Plus, Dick's and Movado surge on earnings beats; and one stock slumps to a post-earnings low.

Midday Market Stats May 30

Retail concern Dick's Sporting Goods Inc (NYSE:DKS) is seeing a surge in options volume today, with roughly 19,000 calls and 16,000 puts traded so far -- 13 times the intraday norm. Seeing notable action are the front-month June 35 and 36 puts, and the weekly 6/1 31.50-strike call. DKS stock is 27% higher to trade at $38.72, on the rise following the company's first-quarter earnings beat and raise. Longer term, the stock has been trending mostly sideways since December, but with today's lift has the shares on track to close above the $38 mark for the first time since last July.

One of the top performers on the New York Stock Exchange (NYSE) is Movado Group, Inc (NYSE:MOV), with the stock gapping higher after the watchmaker's impressive first-quarter earnings and revenue beats, and upwardly revised guidance. MOV stock is up 16.7% at $49.25, fresh off a record high of $49.85. Longer term, the shares are 128% higher year-over-year, guided by their 80-day moving average.

Daily Chart of MOV with 80MA

One of the Nasdaq's worst performers today is Daktronics, Inc. (NASDAQ:DAKT), after the billboard specialist reported an unexpected quarterly loss. At last check, DAKT stock is 18.2% lower at $8.22, earlier hitting an annual low of $7.85.

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