Dow Hits Record High as Boeing, Caterpillar Surge

While the S&P is higher, too, the Nasdaq is flat

Patrick Martin
Oct 2, 2018 at 11:59 AM
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U.S. stocks are mostly higher today, with the Dow Jones Industrial Average (DJI) fresh off a record high -- pacing for a fourth straight win -- on impressive gains for industrial stocks Boeing (BA) and Caterpillar (CAT). The S&P 500 Index (SPX) is higher, as well, with a speech from Fed Chair Jerome Powell just getting underway. Earlier today, Fed Vice Chair Randal Quarles suggested loosening regulations for some big banks. The Nasdaq Composite (IXIC), meanwhile, is sticking close to breakeven, extending a lackluster showing for tech stocks so far this week.

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

  • Analyst: This e-tail stock can rally 19%.
  • Behind Stitch Fix stock's post-earnings plunge.
  • Plus, options bulls bet on an extended VALE rally; Applied Materials stock finds familiar resistance; and JD.com extends slide.

Midday Market Stats Oct 2

Mining concern Vale SA (NYSE:VALE) is sporting unusual options volume today, as the stock trades up 3.6% at $15.58 -- fresh off a four-year peak of $15.53 -- thanks to a price-target hike to $14.50 at Deutsche Bank. So far, 8,200 calls have changed hands -- double the intraday norm. The October 15.50 call is leading the charge, with buy-to-open activity detected at the strike. VALE shares are up 26% in 2018, and recently bounced from a bullish trendline.
 
Applied Materials, Inc. (NASDAQ:AMAT) is near the top of the S&P 500 today, with the shares 2% higher at $39.22. It's been tough sledding for the chip stock lately, giving back almost 24% in 2018 and falling to an annual low of $37.39 on Sept. 12. Despite the rally today, AMAT shares are stalling out near their 20-day moving average, an overhead ceiling in place since a mid-August bear gap.
 
MMC Daily Chart AMAT
 

The hits just keep coming for JD.com, Inc. (NASDAQ:JD) stock. At last check, JD was down was down 2.2% to trade at $24.93. The Chinese e-commerce name is fresh off its worst monthly performance since January 2016 -- closing September down 16.7% -- on the back of some C-suite rape allegations, and remains dangerously close to its 22-month low of $24.38 from Sept. 24. Overall, the stock has shed 40% in 2018.


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