S&P Shoots for Highest Close Since Correction

A mixed start to earnings season isn't dampening Wall Street's mood

Karee Venema

Jul 13, 2018 at 11:58 AM

Stocks are looking to end the week strong, despite mixed reactions to this morning's batch of big bank earnings. The Dow Jones Industrial Average (DJI) edged past the 25,000 level earlier today, marking the first time the blue-chip index has seen the north side of the psychologically significant level since June 18. Not to be outdone, the S&P 500 Index (SPX) is attempting to close north of 2,800 for the first time on a weekly basis since late January -- prior to the stock market correction -- while the Nasdaq Composite (IXIC) topped out at a record high in intraday action.

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

3 FAANG stocks hitting record highs today.
The drug stock bouncing from an all-time low.
Plus, a big bearish options bet on China; the software stock up 50%; and Netflix tests a key trendline.

Midday Market Stats July 13

One name seeing notable options trading today is the iShares China Large-Cap ETF (FXI), where more than 54,000 puts have been traded -- double what's typically seen at this point, and nearly 26 times the number of calls on the tape. One trader apparently bought to open 14,000 October 40 puts for about $1.13 million (number of contracts * $0.81 premium paid * 100 shares per contract), betting on the fund to breach the strike by October expiration. FXI is down 0.5% at $42.72, but hasn't traded below $40 since last July.

ShiftPixy Inc (NASDAQ:PIXY) is one of the best Nasdaq stocks so far today, after the software developer said it expects fiscal third-quarter revenue to more than double year-over-year to $9.4 million, and for its per-share loss to arrive at a slimmer 6 cents. PIXY stock is up 58.4% at $4.34 -- edging past its March 7 bull gap high, sparked by the company's blockchain news.

Netflix, Inc. (NASDAQ:NFLX) is making a notable move lower today, with the FAANG stock down 2.9% at $401.38 -- on track for a second straight down day, and the first close below its 20-day moving average since early May. The streaming giant is scheduled to report second-quarter earnings after Monday's close, and saw its price target lifted to $400 from $324 at BMO overnight.

nflx stock daily chart on july 13

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?