Renewed Trade Hopes, Tech Sector Lift Stocks

Trump said trade talks are happening "at a different level" today

by Lillian Currens

Published on Aug 29, 2019 at 11:58 AM

The Dow Jones Industrial Average (DJI) has tacked on over 280 points at midday, as China's comments about going forward on trade negotiations with a "calm" attitude continue to bolster investor sentiment. In addition, President Donald Trump told Fox News Radio that there's a trade "talk scheduled for today at a different level." This softened trade stance has helped boost tech stocks, with a roughly 2.5% gain from blue chip stock Intel (INTC) and a 3.5% increase in shares of chip concern Micron Technology (MU). The tech-rich Nasdaq Composite Index (IXIC) is up more than 100 points in response, while the S&P 500 Index (SPX) is in the black too. 

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

  • Why one options bull is betting big ahead of Disney+ release 
  • This red-hot retail stock could crash soon, according to one analyst. 
  • Plus, bears blast YPF stock; ARCI stock skyrockets; and Ollie's earnings slip sparks a major stock selloff. 

Midday Market Stats Aug 29

YPF SA (NYSE:YPF) is seeing an increase in bullish activity today. So far, about 5,900 puts have crossed the tape, three times what is typically seen at this point. Most of this activity is taking place at the September 8 put, where positions are being bought to open. The equity gapped lower earlier this month after the Argentina election shocker, and has struggled ever since. YPF is down 4.2% at $8.40, at last check, and touched a record low of $8.18 earlier. 

Appliance Recycling Centers of America Inc (NASDAQ:ARCI) is one of the best stocks on the Nasdaq today, after the firm said it saw big business increases for its recycling exchange program. ARCI stock is up 24.7% at $4.90, at last check. 

Discount retailer Ollie's Bargain Outlet Holdings Inc (NASDAQ:OLLI) is one of the worst performers on the Nasdaq, after the firm reported a surprise second-quarter same-store sales drop, and slashed full-year revenue guidance. The stock is down 29.3% at $54.97, eyeing its biggest one-day drop ever, and its lowest close in over a year. This plummet is just an extension of OLLI's slide off its May 28 peak, pushed lower by stiff resistance at its 40-day moving average. 

OLLI Chart Aug 29


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