Tech stocks are leading the charge today
Stocks remain higher this afternoon, despite the latest round of trade threats between the U.S. and China. President Donald Trump said the U.S. will impose 10% tariffs on $200 billion in Chinese goods -- with the exception of some consumer technology products -- with that rate rising to 25% by the end of the year. China, meanwhile, said it will levy tariffs of up to 10% -- instead of the previously announced 25% -- on about $60 billion in U.S. goods, as planned. As such, the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all sporting healthy gains, with tech stocks leading the charge.
Continue reading for more on today's market, including:
- The FAANG stock slammed with another bear note.
- Goldman: Buy this tech stock.
- Plus, the delivery stock falling on a profit miss; General Mills' latest blow; and the drug stock that's nearly doubled.
Package delivery name FedEx Corporation (NYSE:FDX) is sporting unusual options volume today, after the company reported a fiscal first-quarter profit miss. Roughly 22,000 calls and 16,000 puts have crossed the tape for FedEx stock -- seven times the average intraday pace, and pacing for an annual high. The September 240 put -- set to expire Friday -- has been the top trade, with nearly 2,900 contracts exchanged. FDX shares were last seen 4.3% lower to trade at $244.78, sliding back into the red for 2018.
Near the bottom of the New York Stock Exchange (NYSE) today is General Mills, Inc. (NYSE:GIS), after the packaged food company reported a fiscal first-quarter revenue miss. The shares have gapped 8% lower to $43.95, and back below the 50-day moving average, which has been a line of support since mid June. GIS had been inching higher on the charts prior to today, but is now down 25% year-to-date.
Sporting the top spot on the Nasdaq today is
Viking Therapeutics Inc (NASDAQ:VKTX), after the company reported
positive mid-stage trial data for its liver disease drug. Viking shares gapped to a record high of $24 out of the gate, and at last check were up 92% at $20.02. The overwhelming price action has catapulted VKTX's year-to-date lead to 403%.