Booming FAANG stocks are lifting the S&P and Nasdaq
The Dow Jones Industrial Average (DJI) is kicking off the new week with a bang, up more than 250 points at midday. Auto stocks in particular are booming today, thanks to a Bloomberg report that China is considering a significant cut in an auto tax. A big M&A announcement in the tech sector is stoking the bullish flames, too. As such, the S&P 500 (SPX) and Nasdaq Composite (IXIC) are confidently higher, as well, with the former bouncing from a key trendline and the latter propped up by a strong day from FAANG stocks.
Continue reading for more on today's market, including:
- November's best stocks.
- The penny stock getting a blue-chip boost.
- Plus, P&G stock options bull raises the bar; GM rises with auto stocks; Macy's tests key trendline.
Procter & Gamble Co (NYSE:PG) is seeing unusual call volume today, with more than 45,000 contracts on tape -- seven times the expected intraday amount and volume pacing in the 99th percentile of its annual range. Most active is the April 95 call, with more than 20,000 contracts changing hands, and it looks like one trader may be rolling their long January 2019 77.50-strike calls up and out. The Dow stock is up 1% to trade at $88.74 today.
General Motors Company (NYSE:GM) is up 4% to trade at $33.90, one of the best stocks on the S&P 500 today, driven higher by the upbeat news out of China. The car stock, a recent target among bearish analysts, has shed 16.7% in 2018. However, today's rally has the shares on track to close north of their 40-day moving average for the first time since late June.
Macy's Inc (NYSE:M) is up 5.3% to trade at $34.08 today, and also near the top of the S&P 500. The retail stock, which flashed a bullish signal earlier this month, is now above its 30-day moving average, which hasn't been toppled on a closing basis since mid-August. Overall, M has gained 35% in 2018.