Dow Looks to Snap Weekly Losing Streak

The major U.S. benchmarks have traded on both sides of breakeven today

by Josh Selway

Published on Dec 28, 2018 at 12:04 PM

The Dow Jones Industrial Average (DJI) has explored a 316-point trading range on both sides of breakeven today, last seen in the green, as stocks extend the recent run of volatility. Overall, the Dow and its index peers are set to close the week in positive territory -- which would mark the first weekly win in four weeks for U.S. stocks. In the meantime, the Cboe Volatility Index (VIX) is higher again, moving back above the 30 level, as traders prepare for another holiday-shortened week ahead. 

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

midday market stats december 28

One name seeing unusual options activity today is Colgate-Palmolive Company (NYSE:CL). Call volume is running extremely hot after someone seemingly bought to open 20,000 March 62.50 calls for $2.06 each, marking a cash outlay of more than $4.1 million (100 shares per contract * 20,000 contracts bought * premium paid), though this may be tied to stock. At last check the stock was trading at $59.69.

Tesla Inc (NASDAQ:TSLA) is a notable winner today, up 2.4% at $232.68, after the company added Oracle (ORCL) CEO Larry Ellison and Walgreens Boots Alliance (WBA) executive Kathleen Wilson-Thompson to its board. TSLA is pacing to close the week with a 1% gain, thanks in part to some upbeat Model 3 attention -- though it did top out just below the 10-day moving average earlier.

tesla stock chart

Another stock to watch today is Philip Morris International Inc. (NYSE:PM), after Piper Jaffray said the shares' sell-off has gone too far and has presented a buying opportunity. Still, PM is up just 1.7% at $67.84, compared to its October peak of $92.69.

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