Dow Up 281 Points as Stocks Pare Steep October Losses

Upbeat earnings are helping to drive stocks higher as a volatile October winds to a close

Managing Editor
Oct 31, 2018 at 11:53 AM
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Stocks are pushing higher once more, with the Dow Jones Industrial Average (DJI) up 389 points earlier in the session. The blue-chip benchmark is making a frenetic push to trim its steep October losses, but is still heading toward its worst month since January 2016. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are vaulting higher today as well, as investors digest big earnings wins from Facebook (FB) and General Motors (GM). Elsewhere, wages and salaries jumped by 3.1% in the third quarter, the highest level in a decade. Nevertheless, the S&P 500 is on track for its worst month since September 2011, and the Nasdaq is heading toward its worst month since November 2008.

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

  • 2 penny stocks popping today.
  • Pessimists are piling on GoPro stock ahead of earnings. 
  • Plus, ABBV put volume pops; GrubHub stock rallies; and Netflix gets a halo lift.

Midday Market Stats Oct 31

AbbVie Inc (NYSE:ABBV) is seeing unusual put volume today, with more than 11,200 contracts on tape -- representing three times the expected intraday amount, and pacing in the 94th annual percentile. Most active are the weekly 11/2 79- and 78-strike puts, where new positions are being opened. ABBV is down 3.1% to trade at $79.04, after the Food and Drug Administration (FDA) approved a biosimilar of its bestselling Humira drug. ABBV, which reports earnings before the open on Nov. 2, has shed 15% in the last three months amid some legal hot water

GrubHub Inc (NYSE:GRUB) is up 5.8% to trade at $94.44, one of the best stocks on the New York Stock Exchange (NYSE) today. The food delivery name nabbed a record high of $149.34 back in mid-September. But last week, the shares gapped lower in the wake of a subpar quarterly report, breaching their 320-day moving average for the first time since 2016. Thanks to today's rally, GRUB is on track to close back above this trendline, and has now added nearly 24% in 2018. 

Netflix, Inc. (NASDAQ:NFLX) is up 7% to trade at $306.82, one of the better stocks on the S&P 500 today. The streaming giant is getting a halo lift from fellow FAANG name Facebook, which is up 2.4% after earnings. NFLX is still on track for its worst month since January 2016, but the shares' October pullback appears to have found support at their 320-day moving average.

MMC Daily Chart NFLX

 

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