Oil prices are on the rise, however
The Dow Jones Industrial Average (DJI) is suffering a triple-digit pullback today, putting it on pace for a fifth straight loss, as a lack of earnings and economic data is leaving trade fears front and center. Plus, Intel (INTC) is the biggest blue-chip decliner after the chip stock was downgraded to "underperform" at Northland Capital, while Walt Disney (DIS) shares are also under pressure following an analyst's sell recommendation.
Even an uptick in oil prices is failing to provide much relief, with July-dated crude futures last seen up 0.2% at $65.20 per barrel ahead of this week's Organization of the Petroleum Exporting Countries' (OPEC) meeting. Against this backdrop, both the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) have followed the Dow into the red.
Continue reading for more on today's market, including:
- Catalyst Biosciences stock has been cut in half on drug trial update.
- The surging tech stock hit with a rare downgrade.
- Plus, call traders bet on a Starbucks breakout; more Dropbox gains; and Nano Dimension pops again.
One name seeing heavy options trading today is Starbucks Corporation (NASDAQ:SBUX). Call volume is exploding, pacing for the 98th annual percentile, thanks to major action at the weekly 6/29 58-strike call. The largest trade of the day occurred here, with Trade-Alert indicating a speculator bought to open 17,000 contracts for 43 cents, putting their cash outlay at $731,000 (contracts purchased * premium paid * 100 shares per contract). SBUX stock was last seen slightly higher on the day at $57.18, bumping right into the 200-day moving average.
Dropbox Inc (NASDAQ:DBX) is again a huge Nasdaq winner, extending its remarkable run up the charts that essentially began last week. DBX shares are up 6.6% at $42.21, and just hit a fresh all-time high of $43.50. They're up more than 41% in June alone.
3-D printing technology stock Nano Dimension (NASDAQ:NNDM) is another name outperforming on the Nasdaq. The security is trading up 12.8% at $2.63, but remains off its highs from a week ago when the shares doubled in value in one day. NNDM topped out at $3.35 that day, right near its 200-day moving average, which it hasn't eclipsed on a closing basis in over a year.