Stocks Turn Lower; China Trade, Trump OPEC Tweet in Focus

U.S.-China trade talks are currently underway

Managing Editor
Mar 28, 2019 at 12:08 PM
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Stocks are lower at midday, as investors continue to digest gross domestic product (GDP) data that showed growth of 2.2% for the fourth quarter -- slower than initial estimates. Echoing that, mortgage rates fell at the fastest pace since June 2009 last week. In addition, traders are exercising caution amid U.S.-China trade talks, as Wall Street awaits word from Beijing. May-dated crude is also suffering -- last seen down 0.6% at $59.05 per barrel -- after President Donald Trump tweeted to the Organization of the Petroleum Exporting Countries (OPEC) that oil prices are "getting too high." In response, the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all modestly lower.

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

Midday Market Stats March 28

Winter clothing manufacturer Canada Goose Holdings Inc (NYSE:GOOS) is sporting unusual put options volume today, with roughly 12,000 puts across the tape so far. This surge is 33 times the expected intraday rate, and most active is the front-month April 40 put, where over 11,700 contracts have exchanged hands. Trade-Alert indicates most of the puts were sold to open, with the investor expecting GOOS to stay above $40 in the near term. The shares are up 3.3% at $47.39, at last check, just off a bounce from the rising 360-day moving average. Over the past 12 months, GOOS has added 44%.

Daily GOOS Since Jan with 360MA

Car name Ford Motor Company (NYSE:F) is near the top of the New York Stock Exchange (NYSE), after announcing plans to work with sector peer Volkswagen on a pick-up truck. After falling to new lows in late December, Ford shares are up more than 14% year-to-date. However, a ceiling for the stock has been the $9 mark, which has stifled rally attempts in 2019. Today, F is up 2% at $8.80.

Another outperformer on the NYSE today is Movado Group, Inc (NYSE:MOV), after the company reported impressive fourth-quarter earnings. The shares are up 17.4% at $38.32, pacing toward their best daily percentage gain since August 2017.

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