June Jobs Report Powering Stocks Through Trade War Tensions

All three indexes are on track for weekly wins, too

Managing Editor
Jul 6, 2018 at 11:58 AM
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The Dow Jones Industrial Average (DJI) sports a triple-digit gain at midday, as an outstanding jobs report for the month of June offsets trade tensions stemming from the tariff "merry-go-round" between the U.S. and China. Barring any last-minute debacles, the Dow, S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are all on track for weekly wins. In addition, the Cboe Volatility Index (VIX) -- or Wall Street's "fear gauge" -- is set for its biggest weekly loss since mid-April.

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

  • Analyst: Record highs ahead for this FAANG stock.
  • An Alzheimer's breakthrough is powering Biogen stock's big day.
  • Plus, Marvell put volume spikes; a lesser-known retailer rebounds; and Baidu rises despite tariff tensions.

Midday Market Stats July 6

One name seeing notable options trading today is Marvell Technology Group Ltd. (NASDAQ:MRVL). The semiconductor stock is up 0.6% at $21.40, but never really broke out following last week's Chinese approval of its purchase of Cavium. Put volume is running at two times the expected pace, on track for the 97th percentile of its annual range. Trade-Alert suggests one speculator sold to close 3,000 July 20.50 MRVL puts for 28 cents each.

One of the biggest winners on the New York Stock Exchange today is Boot Barn Holdings Inc (NYSE:BOOT), up 5.9% to trade at $23.40, though the catalyst is unclear. Shares of the footwear retailer have now more than tripled in the past year. Although the shares pulled back from a May 16 two-year high of $26.25, the pullback was contained by their 80-day moving average.

MMC Daily Chart BOOT

Another name seeing notable upside today is Baidu Inc (NASDAQ:BIDU), up 3.2% to trade at $251.82, so far seemingly unaffected by the tariffs that kicked in today between the U.S. and China. BIDU stock raced to a record high of $284.22 on May 16, but since then has given back 11%. 


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