Tech stocks are trying to recover from yesterday's dip
U.S. stocks have overcome early losses to trade modestly higher at midday. Investors continue to react to today's final first-quarter gross domestic product (GDP) reading, while tech stocks try to bounce back from yesterday's slide. The financial sector is also seeing strength, with blue chips JPMorgan Chase (JPM) and Goldman Sachs (GS) helping drive the Dow Jones Industrial Average's (DJI) push higher. At last check, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) were cautiously higher, as well.
Continue reading for more on today's market, including:
- Chipotle stock is eyeing its worst day in months.
- The entertainment stock surging to new highs.
- Plus, Transocean puts popular; a surging chip stock; and Amazon sinks pharmacy stocks.
One name seeing notable options trading today is Transocean Ltd. (NYSE:RIG). Put volume is accelerated today, and new positions are being opened at the July 13.50 put. Those buying the puts are betting on RIG stock falling further below $13.50 in the coming weeks. The equity was last seen trading at $13.27, extending its volatile run on the charts following its huge April rise. The $12 level has proven to be a solid level of support, though, which is the site of RIG's January peak.
One of the best stocks on the Nasdaq is Marvell Technology Group Ltd. (NASDAQ:MRVL), last seen up 7% at $21.52, thanks to Chinese regulators' approval of the company's purchase of rival Cavium. While MRVL stock's jump is likely good news for recent options traders, the shares are struggling to overcome the 80-day moving average, which has kept a lid on them in recent weeks.
Two of the biggest losers on Wall Street today are pharmacy stocks CVS Health Corp (NYSE:CVS) and Walgreens Boots Alliance Inc (NASDAQ:WBA), following Amazon's purchase of online pharmacy PillPack. CVS shares were last seen down 7.8% at $64.58, and WBA shares have dropped 9.9% to trade at $59.70, and earlier hit a three-year low of $59.07.