Dow Erases Triple Digit Lead After Dismal Housing Data

The S&P is heading toward its sixth straight loss

Managing Editor
Oct 24, 2018 at 12:10 PM
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The Dow Jones Industrial Average (DJI) has explored a more than 400-point range on both sides of breakeven today. While strong earnings from Boeing (BA) initially propped the blue-chip index up over 100 points, a disappointing reading on new home sales -- which fell 5.5% to a roughly two-year low last month -- has soured investor sentiment, putting the Dow on track for its third straight loss.

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also both in the red, with the former pacing toward a sixth straight loss and the latter flirting with correction territory, as tech stocks sell off on a dismal warning from chipmaker Texas Instruments (TXN) . Elsewhere, oil prices continue to climb out of yesterday's hole, with December-dated crude futures up 0.8% at $66.97 per barrel.

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

  • Goldman Sachs says to buy the dip on this Boeing rival.
  • Bearish analysts blasted struggling JetBlue stock.
  • Plus, options bears target downgraded Seagate Technology stock; Lowe's stock rebounds; and Trivago rallies into familiar resistance.

Midday Market Stats Oct 24

Seagate Technology PLC (NASDAQ:STX) is seeing unusual options volume today, with nearly 5,900 puts on the tape -- double the expected intraday amount. Most active is the December 42.50 put, and data suggests buy-to-open activity here. STX is down 4.6% to trade at $41.47, after being downgraded to "negative" from "neutral" at Susquehanna.

Lowe's Companies, Inc. (NYSE:LOW) is up 0.4% to trade at $98.53, on track to snap a five-day losing streak. LOW has shed 16% since its late-September record high of $117.70, but the pullback appears to have been contained by its 160- and 200-day moving averages. Not to mention, the home improvement stock historically tends to outperform in the fourth quarter.

Trivago NV (NASDAQ:TRVG) is up 20% to trade at $5.93, one of the best stocks on the Nasdaq today, after the travel company reported a third-quarter profit. Last year at this time, TRVG gapped 22.5% lower after earnings. Nevertheless, the stock is running out of steam near famililar resistance around the site of its 40-week moving average.

MMC Daily Chart TRVG

 

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