Dow, Nasdaq Eye 9th Weekly Win Ahead of Trump-Liu Trade Talks

Oil prices are higher on trade hopes, too

by Patrick Martin

Published on Feb 22, 2019 at 12:19 PM

The Dow Jones Industrial Average (DJI) is confidently higher today, up triple digits as optimistic investors await news from this afternoon's trade talks between U.S. President Donald Trump and Chinese Vice Premier Liu He. The blue-chip index is headed toward its ninth straight weekly win, its longest weekly winning streak since 1995.

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher, on pace to extend their weekly winning streaks of four and nine, respectively -- which would mark the Nasdaq's longest since 2009. Oil prices are getting a lift on hopes for a trade resolution, too, with April-dated crude up 0.8% at $57.42 per barrel.

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

  • Morgan Stanley is calling a big Intel stock rally.
  • Roku stock is heading toward a record weekly win streak.
  • Plus, options bears pour it on Kellogg stock; CPB hit with sector peer headwinds; and record highs for INTU after earnings beat. 

Midday Market Stats Feb 22

Options volume is accelerated on cereal maker Kellogg Company (NYSE:K). Nearly 9,000 put options have changed hands, 10 times the average intraday amount and volume pacing in the 100th annual percentile. Most of the action is centered at the March 55 put, but there is spread activity detected at the January 2020 40- and 50-strike puts. At last check, Kellogg stock was down 4.3% to trade at $55.79, breaching its year-to-date breakeven level.

Campbell Soup Company (NYSE:CPB) is down 8.3% to trade at $32.49, one of the worst stocks on the New York Stock Exchange (NYSE) today. The Pepperidge Farm parent is being dragged down by sector peer Kraft Heinz (KHC), which is getting pummeled after the firm gave dismal 2019 guidance, unveiled a Securities and Exchange Commission (SEC) subpoena, and slashed its dividend. CPB is now dangerously close to its Jan. 2 six-year low of $32.04, and has erased its year-to-date lead.

On the other end of the spectrum is Intuit Inc. (NASDAQ:INTU), up 6.4% to trade at $249.19, the top stock on the S&P 500 today. The tax company reported fiscal second-quarter earnings that exceeded the consensus estimate. No fewer than six bull notes have followed, including a price-target hike to $272 from $245 at Jefferies. INTU, one of the best stocks to own in February, earlier tapped a record high of $250.16, with its rising 10-day moving average cushioning pullbacks in the past month. 

MMC Daily Chart INTU


a schaeffer's exclusive

5 NEW STOCK PICKS

We're celebrating 38 years with this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.
Huawei Warning Smacks Cree Below Key Trendline
The LED specialist forecast a current-quarter loss on Huawei headwinds
INmune Bio Stock Gains on New "Buy" Rating
The shares hit a record low just last week
IRA/401K Investment Guide: 2019 Stock Market Crash
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.