Stocks Soar as U.S., Mexico Strike Trade Deal

The tech sector has been the biggest beneficiary so far

Aug 27, 2018 at 12:00 PM
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U.S. stocks are soaring to record levels today after President Donald Trump announced a trade deal between the U.S. and Mexico. The pact, which Trump is calling the United States-Mexico Trade Agreement, would potentially replace the North American Free Trade Agreement (NAFTA), and sets the stage for trade talks with Canada. The Dow Jones Industrial Average (DJI) has rallied more than 200 points as a result, and the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have both hit record highs, with tech stocks among the biggest gainers. 

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

midday market stats august 27

One stock seeing unusual options activity today is Tesla Inc (NASDAQ:TSLA), following news the company will stay public. TSLA shares are trading down 1.9% at $316.66, while both calls and puts trade at an accelerated pace. The weekly 8/31 series, which expires on Friday, is dominating the action, and most popular overall is the 320-strike call, followed by the 310-strike put. On the surface, data hints at buy-to-open activity at both options, suggesting bulls are betting on a breakout above $320, and bears are eyeing a move below $310.

Weed stocks Canopy Growth Corp (NYSE:CGC), Cronos Group Inc (NASDAQ:CRON), and Tilray Inc (NASDAQ:TLRY) are all trading notably higher once again, on more reports of outside investments coming into the industry. Specifically, Tilray announced it was selected to supply cannabis-based drinks by Nova Scotia Liquor. At last check, CGC was getting the smallest bump, up 3.8% at $46.72, while CRON is up almost 21% at $12.01, and TLRY has jumped 20.5% to trade at $52.83. All three stocks hit all-time peaks earlier.

Near the bottom of the New York Stock Exchange is GameStop Corp. (NYSE:GME), as the shares reverse course following last week's strong gains. GME was last seen down 9.4% at $15.00, putting it back below the 200-day moving average. The stock has been plagued by bearish attention, with short sellers holding almost 40% of the float.

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