Oil prices are on the rise after a steep drop in U.S. stockpiles
The Dow Jones Industrial Average (DJI) has bounced at midday, up 110 points as gains in the energy sector overshadow recession concerns following yet another yield-curve inversion. The boost for energy stocks comes amid a spike in oil prices, with October-dated crude futures up 2.2% at $56.11 per barrel, following a hefty decline in U.S. inventories. Against this backdrop, the S&P 500 Index (SPX) is in the black, though the Nasdaq Composite (IXIC) is lower on a batch of lackluster tech earnings.
Continue reading for more on today's market, including:
- The airline stock poised to take off, according to one analyst.
- The software stock getting pummeled by post-earnings bear notes.
- Plus, options bulls are betting on a bounce for Macy's stock; MDJH stock soars; and Phibro Animal Health stock falls to the bottom of the Nasdaq.
Retailer Macy's Inc (NYSE:M) is seeing an uptick in the options pits today, with 28,000 calls and 11,000 puts across the tape so far -- two times what's typically seen at this point. There's considerable amount of buy-to-open action surrounding the weekly 8/30 14.50-strike call, followed by the weekly 9/6 14.50-strike call. Macy's stock hit a nearly 10-year low of $14.20 earlier today, but has since rebounded 2.2% to trade at $14.61, thanks to retail-sector tailwinds.
China-based real estate issue MDJM Ltd (NASDAQ:MDJH) is one of the best stocks on the Nasdaq today, up 74% at $4.33, after the company signed a Primary Real Estate Agency Services Contract with Taida Xincheng Real Estate Co. The security hit a nearly seven-month high of $6.17 earlier today, and is pacing for its first close ever atop its newly formed 100-day moving average.
Veterinary pharmaceutical issue Phibro Animal Health Corp (NASDAQ:PAHC) is one of the worst performers on the Nasdaq, following fiscal fourth-quarter earnings that fell below analysts' estimates. The firm also issued lackluster fiscal-year guidance, due to the effects of African Swine Fever. The security is on pace for its biggest one-day drop ever, down 23.4% at $24.19, and hit a new three-year bottom of $22.05 earlier today.