The Dow and S&P 500 Index daily win streaks are in trouble
U.S. stocks are mostly lower today, though the Nasdaq Composite (IXIC) continues to flirt with positive territory after hitting another all-time high earlier. Investors are monitoring trade talks between the U.S. and Canada ahead of President Donald Trump's imposed deadline tomorrow, as well as this morning's inflation data. Yet even with tech heavyweights like Amazon.com (AMZN) and Apple (AAPL) rising to new highs, the S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are well on their way to snap their four-day win streaks.
Continue reading for more on today's market, including:
- 2 penny stocks popping today.
- Why Electronics Arts stock is set for its worst day in years.
- Plus, call buyers blast chip stock before earnings; and two healthcare stocks making big moves.
One stock seeing unusual options activity today is Broadcom Inc (NASDAQ:AVGO), as speculators gear up for the semiconductor company's earnings release, scheduled for after the close next Thursday, Sept. 6. Call volume has already nearly passed the daily average, and is 10 times that of put volume so far, thanks to heavy trading at the weekly 9/7 220-strike call. All signs here point to buy-to-open activity, which means options traders expect AVGO shares to top $220 by next Friday's close, when the contracts expire. Broadcom suffered an ugly bear gap a little over a month ago following the company's purchase of CA Technologies, and it was last seen trading near $215.90.
One of the best stocks on the Nasdaq today is Insys Therapeutics Inc (NASDAQ:INSY), last seen up 25.5% at $9.99, on pace for its highest close since January, thanks to news the Food and Drug Administration (FDA) has granted its allergy nasal spray and EpiPen competitor "Fast Track" status. INSY shares have burst through the 320-day moving average, a trendline that acted as a ceiling during a mid-June breakout attempt, though they're still looking up at their January peak of $14.
DaVita Inc (NYSE:DVA) is a notable loser on the New York Stock Exchange, following the passage of a bill in California that could limit access to insurance coverage for kidney disease patients. DVA stock has shed 10% so far to hit $65.71, and is below its 200-day moving average for the first time since May. The dialysis expert is still up 14% on a year-over-year basis, however.