Stocks are broadly higher today
The Dow Jones Industrial Average (DJI) is trying to claw back from one of the biggest pullbacks of the year in yesterday's trading, which was due to trade war fears. All three major indexes are trading sharply higher today, and attention is still on President Donald Trump's Twitter account, after he wrote that it would be "game over" with China if the Fed cut interest rates. Looking more broadly, oil prices are also higher, as traders react to headlines of an attack at Saudi Arabian pumping stations. June-dated crude was last seen trading up 1.4% at $61.88 per barrel.
Continue reading for more on today's market, including:
- How rising meat prices could help Tyson Foods run even higher.
- The small-cap tech stock that keeps selling off.
- Plus, GM speculators bet on a bounce; Beyond Meat breaks out more; and Ralph Lauren gets whacked.
One name seeing unusual options trading today is General Motors Company (NYSE:GM), as traders seem to be betting on shares of the automaker bouncing from familiar support. Specifically, more than 4,000 May 36 calls have traded today, compared to just 800 at the next most popular strike, and signs point to buy-to-open activity. This would be showing confidence in GM pushing further above the $36 level by week's end, when the contracts expire. A test of this price point, the site of a January bull gap and the stock's 200-day moving average, sparked a sharp rally in March.
One of the best stocks today is Beyond Meat Inc (NASDAQ:BYND), as the plant-based protein specialist sees its shares rally for a second straight session. BYND was last seen trading up 9.3% at $75.94, and call options are hot. The May 77.50 and 80 calls are leading the way, with some seemingly trying to ride BYND's tailwinds for a few more days.
One stock sliding on the charts once again is Ralph Lauren Corp (NYSE:RL), with investors apparently punishing the retailer for weak North American sales, despite better-than-expected earnings. RL executives also brushed off concerns around Chinese tariffs, saying the current duties in place won't substantially impact their business. At last check, RL stock is down 5.6% at $111.72, bringing its week-to-date deficit to 10.3%.