Dow, S&P Surge to Record Highs; Nasdaq Pulls Back With Tech

All three indexes are still pacing for weekly wins

Managing Editor
Sep 21, 2018 at 12:01 PM
facebook twitter linkedin

Stocks are trading mixed at midday, with the Dow Jones Industrial Average (DJI) extending yesterday's gains -- hitting another record high out of the gate -- on the back of a surge from blue chip McDonald's (MCD). Meanwhile, the S&P 500 Index (SPX) is modestly higher -- and earlier touching a fresh high of its own -- though the Nasdaq Composite (IXIC) is suffering a pullback alongside big tech names Micron (MU), Intel (INTC), and Apple (AAPL). Currently, all three indexes are pacing toward weekly wins.

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

  • The Dow signal not seen since 2016.
  • An FDA nod and analyst bull note have this pharma stock surging.
  • Plus, Transocean's $89M contract; the furniture stock soaring on earnings; and the weed stock having a crazy week.

Midday Market Stats Sept 21

Oil name Transocean LTD (NYSE:RIG) is sporting unusual options volume in today's trading, and was last seen up 4.8% at $13.23. A mere two days after landing a pair of bull notes, Transocean Norge -- of which RIG owns a 33% stake -- announced a six-well contract, worth $89 million, to drill for Equinor. Roughly 121,000 puts have crossed the tape so far -- 27 times the average intraday pace. Most active have been the January 2019 11-strike and 12-strike puts, totaling over 100,000 contracts, with Trade-Alert pointing to a possible roll down. RIG is up 46% year-over-year.

Furniture concern Steelcase Inc.(NYSE:SCS) is at the top of the New York Stock Exchange (NYSE) today, surging after the company reported fiscal third-quarter earnings that surpassed estimates, and issued upbeat guidance. The stock has gapped 15.8% higher to $18.70, and is now trading solidly north of the $15.50-$16 area that's acted as resistance the past year. After notching a new two-year high of $19.35, SCS is up 23% year-to-date.

Daily Chart of SCS with highlight

The worst performer on the Nasdaq today is Tilray Inc (NYSE:TLRY), as the weed stock extends its volatile run on the charts. TLRY has had a wild run since its mid-July public trading debut. In fact, just this past Wednesday, Sept. 19, the cannabis giant soared to a record high of $300, but has since surrendered more than half of those gains. Tilray stock is down 22% at $137.44, at last check, sporting a place on the short-sale restricted list.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 


300x250 - Banner 3 - v1