EU Trade Tensions Keep a Lid on Stocks

New trade tensions with Europe have emerged

by Patrick Martin

Published on Jul 2, 2019 at 12:09 PM

The Dow Jones Industrial Average (DJI) is churning below breakeven at midday amid lingering global trade tensions. Just as U.S.-China trade talks appeared to be progressing, the Trump administration unveiled a list European Union (EU) goods that could be targeted for additional import duties. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have slipped into the red, as well, with the former retreating from yesterday's record high.

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

  • The healthcare stock SVB Leerink is "very bullish" on.
  • Roku stock has found support despite today's downgrade.
  • Plus, options traders set a short-term ceiling for UNIT; Sprint-T-Mobile merger hopes gets a boost; and Marathon oil runs into key resistance.

Midday Market Stats July 2

Uniti Group Inc (NASDAQ:UNIT) is seeing accelerated options trading today. Around 2,950 put options have traded, four times what's typically seen and 18 times the number of calls traded. Leading the charge by far is the August 10 put, where it looks like new positions are being purchased. At last check, UNIT was down 1.6% to trade at $9.36, so it seems options traders are targeting an extended stay in single-digit territory for the real estate investment trust (REIT).

Sprint Corp (NYSE:S) is one of the best stocks on the New York Stock Exchange (NYSE) today, up 4.2% at $6.86. This comes after T-Mobile (TMUS) and DISH Network (DISH) reached a divestiture deal -- pending approval from the Department of Justice (DOJ) -- paving the way for the Sprint-T-Mobile merger. Sprint stock pulled back from its annual high of $7.90 on May 20, but bounced near its 50-day moving average.

MMC Daily Chart S

Marathon Oil Corporation (NYSE:MRO) is struggling today, down 3.9% to trade at $13.70, after the oil conglomerate sold its U.K. business. MRO rallied off its year-to-date lows below $13 last month, but the rally was swiftly rejected by its 40-day moving average. The oil stock also remains stymied by its year-to-date breakeven level.

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