The S&P and Nasdaq are on track to snap their four-week win streaks
The Dow Jones Industrial Average (DJI) is up triple digits at the halfway point, poised snap its eight-day losing streak. Investors are focusing on the Organization of the Petroleum Exporting Countries (OPEC) meeting, with reports swirling the cartel has agreed to a slimmer-than-expected increase in output. At last check, August-dated crude is up 4.2% at $68.29 per barrel -- and oil stock Exxon Mobil (XOM) is at the top of the Dow.
Elsewhere, the S&P 500 Index (SPX) is rising alongside the Dow, though the Nasdaq Composite (IXIC) remains lower amid an extended tech sector pullback. Overall, the Dow is pacing for its second straight weekly loss, while both the S&P and Nasdaq are on track to leave their weekly winning streaks at four.
Continue reading for more on today's market, including:
- History says it's time to buy the dip on McDonald's stock.
- FDA approval has this drug stock crushing shorts.
- Plus, CMG options hot after menu change; Anadarko Petroleum hits new high; and BlackBerry sinks on sales forecast.
One name seeing heavy options trading today is Chipotle Mexican Grill, Inc. (NYSE:CMG), after the burrito chain introduced new menu options. CMG shares are trading up 1.7% at $470.99, earlier hitting an annual high of $474.64, and day traders are betting on more near-term upside. The weekly 6/22 series is extremely popular, accounting for six of CMG's 10 most popular contracts. In the lead is the 470-strike call, where data points to some buy-to-open activity -- meaning bulls foresee Chipotle stock holding atop $470 through tonight's close, when the contracts expire.
Oil name Anadarko Petroleum Corporation (NYSE:APC) is one of the best stocks on the New York Stock Exchange (NYSE) today, up 6.5% to trade at $74.01, fresh off a new two-year high of $74.53, thanks to broader headwinds from the energy sector. APC has now added more than 38% in 2018, and is on track for its best weekly percentage gain since late December.
Meanwhile, BlackBerry Ltd (NYSE:BB) is taking a nasty fall, and is one of the worst stocks on the NYSE at last check. The stock is trading down 9.3% at $10.63, after the tech firm forecast slowing software and services sales as it shifts to a subscription-based model -- which is offsetting first-quarter earnings and revenue beats. This just echoes recent technical troubles for BlackBerry stock, which is now back below its year-to-date breakeven level and its 320-day moving average.
