Dow Pares Losses; Nasdaq, Oil Turn Higher

February crude futures are up sharply, as well

Jan 2, 2019 at 11:52 AM
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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

 

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