Dow Gains as Bank Stocks Rally; Nasdaq Hits Another High

Stocks are overcoming a major slide in oil prices

Jun 6, 2018 at 11:58 AM
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The Dow Jones Industrial Average (DJI) is pushing higher today, knocking on the door of the 25,000 level. Boosting the blue-chip index are big gains from Boeing (BA) and JPMorgan Chase (JPM), with the latter benefiting from a broader rally in financial stocks. The Nasdaq Composite (IXIC), meanwhile, managed another record high, while the S&P 500 Index (SPX) is also gaining. Elsewhere, investors continue to monitor the latest trade-related headlines, along with a sharp drop in oil prices following a surprise increase in U.S. crude inventories. At last check, July crude futures were trading down 1.1% at $64.78 per barrel.

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

midday market stats june 6

One name seeing heavy options activity today is Under Armour Inc (NYSE:UAA), as call buying remains popular on the rallying retail stock. Call volume has already surpassed the daily average, and the most popular contract is the deep out-of-the-money July 30 call. All signs point to buy-to-open activity here, meaning traders expect UAA shares to eclipse $30 by the close on Friday, July 20, when the contracts expire. The stock is rallying for a fourth straight day, last seen trading up 1.5% at $23.89, earlier hitting an annual high of $24.61.

One of the best stocks on the New York Stock Exchange today is Signet Jewelers Ltd. (NYSE:SIG), after the company reported a surprise first-quarter profit and a huge sales beat. Shares of SIG are trading up 19.2% at $52.64, but earlier topped out right near their 200-day moving average. 

signet jewelers

Over on the Nasdaq, First Solar, Inc. (NASDAQ:FSLR) is continuing its recent sell-off, down 8% at $53.56, following another analyst downgrade. JMP Securities lowered its rating on FSLR to "market underperform" from "market outperform," and slashed its price target to $46 from $87. The shares, which traded above $80 back on April 27, are on pace for a sixth straight loss.


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