Stocks Higher, Investors Shrug Off China Trade Retaliation

The U.S. and China continue to spar over trade

Managing Editor
Sep 18, 2018 at 12:00 PM
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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.

Midday Market Stats Sept 18

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.

Daily Chart of GIS with 50MA

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%.

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