Dow Pares Losses; Nasdaq, Oil Turn Higher

February crude futures are up sharply, as well

Jan 2, 2019 at 11:52 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) was down triple digits to start the session, as weak manufacturing data out of China fueled fears of a global economic slowdown. However, the Dow has since pared most of its losses -- and briefly turned higher -- while the tech-rich Nasdaq Composite (IXIC) has pulled a 180 to kick off 2019 in the black. Oil prices have also reversed course, with February-dated crude futures up 3.2% to trade at $46.81 per barrel, on signs that major exporters are beginning to cut production.

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

MMC chart jan 2

Marvell Technology Group Ltd. (NASDAQ:MRVL) is seeing notable options activity today, after the stock scored an endorsement from BofA-Merrill Lynch. So far today, MRVL has seen roughly 4,300 calls change hands -- three times the average intraday pace. Most active is the weekly 1/11 16.50-strike call, where it looks like short-term bulls are buying the contracts to open. At last check, MRVL is up 1% at $16.35.

One of the best stocks on the New York Stock Exchange (NYSE) is MedEquities Realty Trust Inc (NYSE:MRT), as the shares rally on buyout news. Specifically, Omega Health Investors (OHI) plans to buy the healthcare real estate investment trust (REIT) for $10.26 a share, with the deal expected to close in the first half of this year. MRT was last seen 44.3% higher at $9.87.

One stock trading notably lower today is Tesla Inc (NASDAQ:TSLA). The shares are down 8.2% to trade at $305.65, after the company's fourth-quarter Model 3 deliveries came in weaker than expected. In addition, Tesla cut prices for all U.S. vehicles. This follows a report Monday of a serious supply glut for Tesla. TSLA shares are now trading back below their 320-day moving average, but seem to have found support in the $300 area.

TSLA stock chart jan 2


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Best stocks for October and worst stocks for October


Special Offers from Schaeffer's Trading Partners