Stocks, Oil Struggle as Trade Stays in Focus

Energy stocks are struggling today

by Josh Selway

Published on May 30, 2019 at 12:10 PM

Stocks are hovering near breakeven today in a low-volume session. Trade uncertainty is holding back the Dow Jones Industrial Average (DJI) and its index peers, with news China is halting soybean purchases from the U.S. overshadowing upbeat gross domestic product (GDP) data from this morning. There's also notable weakness in the energy sector, with the U.S.-China conflict weighing on commodities, as well. July-dated crude futures were last seen down 2% at $57.64 per barrel.

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

midday market stats may 30

There's unusual options trading on car rental concern Hertz Global Holdings Inc (NYSE:HTZ), as the shares look poised for their lowest close since the start of the year. More than 9,000 contracts have traded at the October 16 call, and buying here would suggest confidence in HTZ stock rising above $16 in the coming months. Looking back, the shares have been all over the charts in the past year, but were last seen trading down 4% at $14.58.

Canadian Solar Inc. (NASDAQ:CSIQ) is one of the best stocks today, last seen trading 8.4% higher at $19.18, after the company named an acting CEO. The move puts CSIQ shares above the 50-day moving average, which may translate into support much like the 200-day moving average has in recent weeks.

csiq stock may 30

Another huge winner today is Eltek Ltd. (NASDAQ:ELTK), extending yesterday's rally that was sparked by a new savings plan. The shares of the power conversion company are trading 47.2% higher at $11.05, fresh off a four-year high of $11.29. Back in 2014, the stock briefly rallied up to the $11.75, but gave back most the gains in the subsequent weeks.

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