The three major indexes are still holding on to strong May gains, though
The Dow Jones Industrial Average (DJI) is wallowing in red ink at midday, after the Trump administration said it will impose tariffs of 25% and 10% on steel and aluminum imports, respectively, coming from Mexico, Canada, and the European Union, effective tomorrow. All three have indicated retaliatory tariffs against U.S. exports. Fears of a trade war are weighing on the S&P 500 Index (SPX), too, though the Nasdaq Composite (IXIC) is clinging to a modest gain at last check. Nevertheless, the DJI, SPX, and IXIC are all pacing for big May returns.
Continue reading for more on today's market, including:
- This drug stock has more than doubled today.
- Why Sears stock is headed toward its worst week since January.
- Plus, AK Steel sees unusual options trading; J.Jill jumps to the top of the Big Board; and Dollar Tree drops.
Steelmaker AK Steel Holding Corporation (NYSE:AKS) is seeing a surge in options volume today, with roughly 67,000 calls traded so far -- 16 times the intraday norm. Seeing notable action are the front-month June 4.50 and 5 calls -- pulling in more than 50,000 contracts combined -- due in part to a potential bullish roll. AKS is 1.9% higher to trade at $4.67, soaring in response to the White House's steel tariff announcement, but remains down 23% year-over-year.
One of the top performers on the New York Stock Exchange (NYSE) is retailer J.Jill Inc (NYSE:JILL), with the stock gapping higher after the company reported first-quarter profit and revenue beats, as well as an unexpected rise in same-store sales. JILL stock is up 22% at $7.57, pacing towards its first-ever close above the 200-day moving average. JILL has gained 51% over the past month.
One of the Nasdaq's worst performers today is Dollar Tree, Inc. (NASDAQ:DLTR), after the company reported a first-quarter same-store sales miss, and a surprising drop in comparable sales at its Family Dollar stores. The discount retailer also lowered its annual profit forecast. DLTR stock is 11.4% lower at $85.32, and is now down more than 20% year-to-date.