Apple, Trade Jitters Hold Back Dow

Stocks are still set to finish the week mostly higher, though

Jun 8, 2018 at 12:01 PM
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Stocks are hovering near breakeven today, as traders try to make sense of a recent Twitter war between U.S. President Donald Trump and French President Emmanuel Macron. The two leaders took trade-related jabs at each other ahead of this weekend's Group of Seven (G-7) meeting, while Trump also called out Canadian Prime Minister Justin Trudeau.

Among the notable equity movers, Apple (AAPL) is retreating from yesterday's record high after the company reportedly warned suppliers about a sizable falloff in iPhone component orders. As such, the Dow Jones Industrial Average (DJI) is struggling to gain momentum, as is the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) -- though all three benchmarks are set for weekly wins.

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

  • The company "revolutionizing fashion."
  • 4 bank stocks hit with bear notes. 
  • Plus, put players bet against chip stock; Quest Diagnostics gets another upgrade; and CFO split sinks Lumentum shares.

midday market stats june 8

One name seeing heavy options activity today is chipmaker Marvell Technology Group Ltd. (NASDAQ:MRVL). While options sentiment has historically been bullish, Trade-Alert is highlighting buy-to-open activity at the July 19 put. For reference, MRVL stock is was last seen trading at $21.44, down 3.4% on the day to test the 50-day moving average yet again, so speculators foresee a sharp downturn from the equity in the weeks ahead.

mrvl stock

Quest Diagnostics Inc (NYSE:DGX) is a notable winner on the New York Stock Exchange, following another bull note from analysts. Specifically, the security is up 2.1% at $109.81, pacing for its highest close since July, after William Blair raised its rating to "outperform." The healthcare stock has gained almost 22% since an October bottom near $90.

Over on the Nasdaq, optical components concern Lumentum Holdings Inc (NASDAQ:LITE) is trading lower following the departure of its chief financial officer (CFO). The shares were last seen down 4.7% at $58.25, but are seemingly seeing familiar support from the 200-day moving average. The equity has struggled since peaking at $74.40 back in early March.


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