Dow Under Pressure Ahead of Powell's D.C. Trip

The Dow is trying to avoid its second straight triple-digit loss

Managing Editor
Jul 9, 2019 at 11:50 AM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is barreling toward its third straight loss, as Wall Street's risk-off mentality endures. Fed Chair Jerome Powell's scheduled testimony in front of the House Financial Services Committee begins tomorrow, where clues about interest rate policy ahead of this month's Fed meeting will be eagerly digested. In addition, newly downgraded 3M Company (MMM) stock is weighing on the blue-chip index. Elsewhere, the S&P 500 Index (SPX) is marginally lower, while the Nasdaq Composite (IXIC) has managed to stay in the black. Meanwhile, job openings in the U.S. unexpectedly fell to 7.32 million in May, per the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report.

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

  • Bears are blitzing this stock ahead of a Trump announcement.
  • Analysts are dishing out ratings on Chewy stock
  • Plus, spread activity on streaking Target stock; a bull note for PG&E stock; and analysts concerned about copper demand.

Midday Market Stats July 9

Target Corporation (NYSE:TGT) is seeing accelerated options trading today. More than 19,000 call options have traded -- three times what's typically seen at this point in the day, and volume pacing for the 97th percentile of its annual range. There's interesting action at the July 82.50 and January 2020 92.50 calls, where diagonal spread activity is detected, per Trade Alert. At last check, TGT was trading flat at $89, on track for its eighth straight win and highest close since October. 

PG&E Corporation (NYSE:PCG) is one of the best stocks on the New York Stock Exchange (NYSE) today, up 4.1% at $22.62, thanks to a price-target hike to $24 from $22 at UBS. Buyout buzz has helped PCG add almost 30% in the last six months, but the utility name is still staring up at its year-to-date breakeven point.

On the other end of the spectrum is Freeport-McMoRan Inc (NYSE:FCX), down 4.6% to trade at $10.71, the worst stock on the S&P 500 today. Thanks to weakening copper demand, Jefferies and J.P. Morgan Securities both issued price-target cuts to the mining name, to $15.50 and $13, respectively. FCX fell to a two-year low of $9.48 on May 31, and today's drop has the stock set to breach short-term support at its 20-day moving average. 

MMC Stock Chart FCX

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI