Dow, S&P Edge Higher Amid Cautious Trading

All eyes are on tomorrow's meeting between the U.S. and North Korea

Josh Selway
Jun 11, 2018 at 12:01 PM
facebook twitter linkedin


Stocks are cautiously higher today, as the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) were last seen trading modestly above breakeven -- though the former is pacing for its fourth straight win. Lingering headwinds from this weekend's Group of Seven (G-7) event are being compounded by uncertainty surrounding tomorrow's North Korea-U.S. meeting and an expected June rate hike out of this week's Fed meeting. But while the broader equities market struggles for big gains, the red-hot retail sector continues to outperform, evidenced by a new high from the SPDR S&P Retail ETF (XRT).

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

  • Why this 3-D printing stock has doubled today.
  • 2 reasons Baird is bullish on beaten down First Solar stock
  • Plus, Apple options bull bets on a big breakout; Fitbit stock hits fresh highs; and the automotive stock getting crushed.

midday market stats june 11

One options trader appears to be betting on a huge Apple Inc. (NASDAQ:AAPL) breakout. Data suggests one speculator bought to open 10,000 July 215 AAPL calls for 17 cents each. This would put the trader's cash outlay at $170,000 (contracts purchased * 100 shares per contract * premium paid), with the goal being that Apple stock will topple the $215 mark by the close on Friday, July 20, when the contracts expire. The shares would need to rally about 13% from their current perch at $190.35.

One notable winner from the New York Stock Exchange (NYSE) is Fitbit Inc (NYSE:FIT), as the shares rise another 7.4% to $6.82, thanks to the launch of the company's new tracker for kids. FIT stock is on pace for its highest close since its mid-December bear gap, though the shares are now bumping right up against the site of that gap.

FIT stock price

Automotive seating expert Adient PLC (NYSE:ADNT) is the worst stock on the NYSE, after the company said its CEO quit and it dramatically lowered its full-year outlook. RBC jumped in with a price-target cut to $55 from $64, and ADNT stock has lost 16.7% as of last check to trade at $47.49. It touched an annual low earlier of $47.03, and continues to fall further from the October peak of $86.42.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 

Partnercenter