Dow Eyes Another Big Win as McDonald's Shares Jump

Tesla, meanwhile, is seeing very unusual options activity

Jun 7, 2018 at 12:03 PM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) is on pace for a second straight triple-digit gain, even as a tech-sector slide has the Nasdaq Composite (IXIC) pulling back from record highs. The blue-chip index is barreling higher thanks to a big day for McDonald's (MCD) -- which is up on reports the company is planning a fresh round of layoffs -- while bank stocks are seeing continued strength, as well.

Traders are also responding to news the U.S. has come to an agreement with ZTE, after the Chinese electronics company was accused of violating sanctions on North Korea and Iran. However, the S&P 500 Index (SPX) is struggling for upside, and the Cboe Volatility Index (VIX) is set to snap a four-session losing streak.

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

midday market stats june 7

One name seeing heavy options activity today is Tesla Inc (NASDAQ:TSLA), as the shares continue to gain following Tuesday's annual shareholder meeting. TSLA stock is trading up 0.9% at $322.26, flirting with its first close above the 200-day moving average since mid-March, and options volume has already surpassed the daily average. The weekly 6/8 320-, 325-, and 330-strike calls are the most popular contracts, but maybe the most interesting activity has taken place at the January 2019 50-strike put, where a block of 4,000 options was seemingly bought to open earlier.

One of the best stocks on the Nasdaq today is gunfire detection specialist Shotspotter Inc (NASDAQ:SSTI). The shares are trading up 11.4% at $36.24, earlier hitting an all-time high of $36.64. Today's upside is courtesy of a newly initiated "market outperform" rating at JMP Securities, but SSTI stock has been a strong performer since going public last June.

Regenerative tissue stock MiMedx Group Inc (NASDAQ:MDXG), meanwhile, is one of the worst Nasdaq stocks today, sliding 21.3% to $6.42, and it earlier touched a four-year low of $5.80. The sell-off comes in response to the company's announcement that it'll need to restate several financial statements from previous years. 



Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners