Dow Crosses 27,000 for First Time Ever

Fed Chair Powell commented on inflation during his second day of testimony

by Patrick Martin

Published on Jul 11, 2019 at 12:01 PM

The Dow Jones Industrial Average (DJI) is riding triple-digit gains at midday, thanks to a rally in pharmacy and insurance stocks and more Fed tailwinds. UnitedHealth (UNH) and Walgreens Boots Alliance (WBA) are soaring after the Trump administration withdrew a proposal to scrap drug rebates. Elsewhere, Fed Chair Jerome Powell's second day of testimony is currently underway, and the central banker said the relationship between unemployment and inflation "has gone away." This comes after yesterday's dovish testimony, and the core consumer price index (CPI) rising by the most in more than a year June.

Against this backdrop, the blue-chip index crossed the 27,000 level for the first time ever, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are within striking distance of yesterday's record highs.

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

  • Another retail stock is riding CBD buzz.
  • Airline stock eyeing a key level after earnings.
  • Plus, options bears eye a quick NTAP drop; Nio takes a breather; and ANTM rides political tailwinds.

Midday Market Stats July 11

NetApp Inc. (NASDAQ:NTAP) is seeing accelerated options trading today. More than 3,100 put options have traded -- seven times what's typically seen at this point in the day, and more than three times the number of calls traded. Almost all of this action is centered around the weekly 7/12 60.50-strike put, where new positions are being opened. NTAP is trading at $60.46, at last check, so these traders are banking on pullback from the software stock by tomorrow's close.

After a recent win streakNio Inc (NYSE:NIO) is one of the worst stocks on the New York Stock Exchange today, down 4.5% to trade at $3.46. NIO has shed 46% in 2019, and its recent rally ran right into the shares' 80-day moving average. 

MMC Daily Chart NIO

One of the best stocks on the S&P 500 Index today is Anthem Inc (NYSE:ANTM), up 4% to trade at $299.50. The insurance stock is riding tailwinds after the White House pulled a proposal to eliminate rebates from government drug plan. ANTM is now pacing for its highest close since March.

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