Schaeffer's Top Stock Picks for '25

Stock Market Stabilizes as Tech Shares Surge

Bank earnings are in focus today, too

Managing Editor
Oct 12, 2018 at 12:06 PM
facebook X logo linkedin


The U.S. stock market is stabilizing, with the Dow Jones Industrial Average (DJI) up triple digits and the S&P 500 Index (SPX) set to snap its six-day skid. The Nasdaq Composite (IXIC) is higher, too, as FAANG stocks rally. Today's upside comes after two days of sharp selling, with traders also watching the start of earnings season -- with big banks JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) all reporting this morning. However, even with today's impressive gains, all three benchmarks are still staring at their worst weekly losses since late March.

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

  • 2 drug stocks boosted by bull notes.
  • Analyst: This tech stock could pop on a FAANG partnership.
  • Plus, options traders target more gains for Turtle Beach stock; Nvidia stock rallies with tech; and Abiomed stock scales the S&P 500.

Midday Market Stats Oct 12

Turtle Beach Corp (NASDAQ:HEAR) is seeing unusual options volume today, with nearly 7,300 calls on the tape, five times the average intraday pace. Most active is the October 20 call, where it looks like new positions are being purchased. The headset maker made popular by Fortnite is up 15.6% to trade at $20.82 today, bringing its 2018 gain to 1,009%.

Nvidia Corporation (NASDAQ:NVDA) is up 4.6% to trade at $245.87, one of the top stocks on the S&P 500 today. The broader tech and semiconductor sectors are powering the rally today after the extensive sell-off earlier this week. For NVDA, its pullback found support at its 200-day moving average. The chip stock has added 27.6% in 2018, and is a favorite in the analyst community.

Also outperforming on the SPX today is ABIOMED, Inc. (NASDAQ:ABMD), up 5.9% to trade at $388.63, after Morgan Stanley issued a price-target hike to $396 from $370. The medical device maker pulled back this week amid the broad-market sell-off, but found support at its 160-day moving average. Longer term, ABMD has more than doubled in 2018.

MMC Daily Chart ABMD

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?