The S&P and Nasdaq have both traded in positive territory today
After starting the day in negative territory on new tariff threats from U.S. President Donald Trump, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have tested positive territory, though the former was last seen in the red once again. Meanwhile, a sharp sell-off from United Technologies (UTX) is keeping pressure on the Dow Jones Industrial Average (DJI), with UTX stock down 5.8% on news the industrial giant plans to split into three companies. Elsewhere, home prices rose at their slowest pace in almost two years in September, while Fed Vice Chair Richard Clarida reiterated support for gradual rate hikes.
Continue reading for more on today's market, including:
- The FAANG stock fund at a technical crossroads, courtesy of founder and CEO Bernie Schaeffer.
- 2 retail stocks sinking after earnings.
- Plus, a big bearish options bet on AK Steel; PG&E pops; and data hits Bristol-Myers Squibb.
AK Steel Holding Corporation (NYSE:AKS) is seeing unusual options activity today, with 45,892 puts on the tape -- 16 times what's typically seen and volume at a new annual high. Trade-Alert highlights a 11,975-contract block of March 4 puts that was likely bought to open for $1.29 million (number of contracts * $1.09 premium paid * 100 shares per contract). AKS stock is down 8% at $3.02 -- fresh off a new two-year low of $3.00 -- after China's steel sector fell into bear market territory.
PG&E Corporation (NYSE:PCG) is at the top of the S&P 500 Index, as the utility stock continues to bounce back from its mid-November beating -- a reaction to the deadly California wildfires. PCG stock is now pacing toward its fifth win in seven sessions, and is up 12.8% already on the week.
Bristol-Myers Squibb Co (NYSE:BMY) is near the bottom of the SPX, after the drugmaker said its combination cancer treatment failed in a late-stage study. A price-target cut to $56 from $58 at BMO Capital Markets is only adding pressure, with BMY stock down 3.4% at $50.94.