Stocks Pull Back But Eye Weekly Wins

An aggressive interest rate cut at the Fed's July meeting is now in doubt

by Patrick Martin

Published on Jul 5, 2019 at 12:07 PM
Updated on Jul 5, 2019 at 12:15 PM

On a quiet day of trading on Wall Street, the Dow Jones Industrial Average (DJI) is under pressure -- down triple digits, at last check -- after a better-than-expected jobs report eased expectations for a 50 basis point interest rate cut at the Fed's July meeting. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are deep in the red, too, as stocks retreat from Wednesday's record high closes. Nevertheless, all three benchmarks are heading toward weekly wins. 

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

  • 3 stocks making big moves today.
  • This drug stock is sending short sellers to the hills.
  • Plus, options traders eye a big UAL pullback; Kohl's rally falls short; and a mining stock takes a breather.

Midday Market Stats July 5

United Airlines Holdings Inc (NASDAQ:UALis seeing accelerated options trading today. More than 4,200 put options have traded, double what's typically seen at this point in the day. Leading the charge by far is the August 70 put, where it looks like new positions are being purchased. At last check, the airline stock was trading at $89.47, and hasn't breached the $70 level since last July.

Kohl's Corporation (NYSE:KSS) is one of the best stocks on the S&P 500 today, up 1.4% at $48.18. This comes as the security attempts to recover from its late-June bottom near $45, but is not enough to conquer its descending 30-day moving average. Year-to-date, the struggling retailer has shed 27%. 

On the other end of the spectrum is Newmont Goldcorp Corp (NYSE:NEM), down 2.4% to trade at $37.82. The mining stock is under pressure today as the U.S. dollar gains on this morning's strong jobs report. Today's pullback has found support near a late-June bull gap, while just below is the equity's ascending 20-day moving average.

Daily Stock Chart NEM

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