Dow Lower, Record-High Streak in Danger

Wall Street is digesting the latest corporate reports

by Patrick Martin

Published on Jul 17, 2019 at 11:56 AM

The Dow Jones Industrial Average (DJI) is churning lower at midday, heading for back-to-back losses. Barring a dramatic pivot, this will be the first time in six sessions the blue-chip index has not nabbed a record high. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red, as investors digest a range of post-earnings reactions, including an ugly report from railroad giant CSX Corporation (CSX), which is weighing on transport stocks. Tensions with China remain on the forefront too, especially after President Donald Trump noted yesterday there is "a long way to go" in trade negotiations, and threatened to slap additional tariffs on Chinese goods.

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

  • Goldman: Dump these retail stocks today.
  • Penny stock eyeing key trendline. 
  • Plus, options bears eye a railroad stock; U.S Bank a big earnings winner; and a new bottom for Mallinckrodt stock.

Midday Market Stats July 17

Union Pacific Corporation (NYSE:UNP) is seeing highly accelerated options trading today. More than 19,000 put options have traded -- 15 times what's typically seen at this point in the day, and volume already at an annual high. Most of this action is occurring at the August 155 put, where new positions are being opened. The transportation giant was last seen trading down 4.8% at $166.82 -- feeling the pinch from sector peer CSX -- and options traders are apparently banking on more struggles in the coming month. Union Pacific will report earnings before the open tomorrow.

U.S. Bancorp (NYSE:USB) is near the top of the S&P 500 today, up 2.6% to trade at $54.39, after the banking name reported second-quarter earnings and revenue that surpassed analyst expectations. USB is now a chip-shot from its Sept. 21 annual high of $55.55, and has added 19% in 2019. 

One of the worst stocks on the New York Stock Exchange (NYSE) today is Mallinckrodt PLC (NYSE:MNK), down 10.6% to trade at $7.42, after the drugmaker discontinued a mid-stage study of its Acthar Gel for sclerosis. MNK earlier tapped a record low of $7.20, and has now shed 53.2% year-to-date. The shares have faced pressure from their 20-day moving average since April.

Daily Stock Chart MNK

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