S&P Shoots for Highest Close Since Correction

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

Jul 13, 2018 at 11:58 AM
facebook X logo linkedin

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


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI