Tech Stocks Boost Dow; Oil Breaches $70

The blue-chip index is up triple digits today

by Karee Venema

Published on Jul 12, 2018 at 11:55 AM
Updated on Jul 12, 2018 at 12:20 PM

The U.S. stock market is bouncing back from Wednesday's drubbing, with the Dow Jones Industrial Average (DJI) trading up triple digits at midday -- led by big gains for tech shares Cisco Systems (CSCO), Intel (INTC), and Microsoft (MSFT) -- as Wall Street turns away from tariff concerns to digest the latest inflation update. But while stocks rebound, oil prices continue to slump, with August-dated crude futures down 1.3% at $69.47 per barrel, on pace for their first close below the key $70 mark since June 25.

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

midday market stats july 12

One name seeing notable options trading today is American Eagle Outfitters (NYSE:AEO), with nearly 12,000 call contracts traded so far -- 43 times the expected intraday amount, and volume pacing in the 100th annual percentile. Most active is the November 24 call, where it looks like new positions are being purchased. AEO stock is down 5.8% today at $22.51, hit with headwinds from fellow retailer L Brands.

In fact, L Brands Inc (NYSE:LB) is one of the biggest decliners on the New York Stock Exchange (NYSE) today -- down 10.5% at $32.90. The Columbus-based retailer reported an unexpected decline in same-store sales at its Victoria's Secret brand, though overall June comparable sales matched estimates.

On the flip side, Spirit Airlines Incorporated (NYSE:SAVE) is near the top of the Big Board, after the travel name gave an update to its second-quarter guidance -- while its sector peer swings higher after earnings. At last check, SAVE stock is up 9.1% at $39.40, attempting to break out above its 200-day moving average, which has stifled the shares since late March.

save stock daily chart july 12


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