Stocks Set for Best Week of 2019

Tech stocks are surging today

by Karee Venema

Published on Jun 7, 2019 at 11:50 AM

This morning's dismal jobs data has ramped up expectations the Fed will lower interest rates, with CME Group now estimating a 25.8% chance of a rate cut at the central bank's June meeting, compared to a 10% probability one month ago. As such, traders are flocking to riskier assets, with the Dow Jones Industrial Average (DJI) pacing for its fourth straight triple-digit gain. Reports that the U.S. will delay increasing tariffs on Chinese imports and a surge in tech stocks are only fueling the upside, with the Dow, S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all on track for their biggest weekly gains of the year.

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

midday market stats june 7

Twitter Inc (NYSE:TWTR) is seeing unusual options trading at midday, with 43,000 calls on the tape -- more than double what's typically seen at this point, and four times the number of puts exchanged. The weekly 6/7 38-strike call is popular, and it looks like traders are buying the call options on the social media name to bet on a breakout above $38 by tonight's close, when the weekly series expires. TWTR stock was last seen up 3.7% at $37.94, pacing for a 4.3% weekly win.

La Jolla Pharmaceutical Company (NASDAQ:LJPC) is near the top of the Nasdaq, up 30.9% at $13.40. This marks the second straight day of major gains for the pharma stock, which nearly doubled yesterday after upbeat drug data earned LJPC a bullish brokerage note. The shares are now on track to settle above their 200-day moving average for the first time since last August.

Freeport-McMoRan Inc (NYSE:FCX) is one of the best S&P 500 stocks today, rising in step with copper prices. Most recently, FCX stock was up 3.5% at $10.55, putting the miner on track to close above its 20-day moving average for the first time since late April.

fcx stock daily price chart on june 7


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