Dow Erases Early Gains, Eyes Monthly Loss

President Trump once again pointed fingers at the Fed

by Lillian Currens

Published on Aug 30, 2019 at 12:01 PM

The Dow Jones Industrial Average (DJI) has erased an early triple-digit gain and is now staring down a 50-point loss at midday. Stocks initially rose on data showing solid consumer spending in July and signs of progress on U.S.-China trade relations, though another round of tariffs on Chinese goods is set to hit over the long weekend. Elsewhere, President Donald Trump today once again took aim at the central bank, saying, "We don't have a Tariff problem ... we have a Fed problem. They don't have a clue!"

The blue-chip index is on pace to end a dramatic August in the red, set for its first monthly loss since May. Likewise, the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are looking to end both the day and the month south of the breakeven. On top of this, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- is set for its biggest monthly gain since May, too.

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

  • Why these 2 penny stocks are popping.
  • History says steer clear of these 25 stocks in September.
  • Plus, options bears up the ante ahead of Slack Technologies' earnings report; SeaChange skyrockets; and ULTA eyes its biggest one-day drop ever. 

Midday Market Stats Aug 30

Options bears are piling on ahead of Slack Technologies Inc's (NYSE:WORK) earnings report next Wednesday. So far, about 4,700 puts have exchanged hands, five times what's typically seen at this point. The most popular contract by far is the September 35 put, where positions are being bought to open. WORK is down 4.9% at $28.52, at last glance, and earlier touched a record low of $28.25. 

One of the biggest outperformers on Wall Street is video software concern SeaChange International (NASDAQ:SEAC), which has tacked on 14.7% to trade at $2.21 after reporting second-quarter revenue above expectations. The company also named a new CEO. The stock is eyeing its highest close since last August's bear gap, and is testing its footing atop recent resistance in the $2.15 region. 

Ulta Beauty Inc (NASDAQ:ULTA) is the worst performer on the Nasdaq today, after a dismal earnings report and lowered guidance for 2019. The equity is down 28% at $234.11, set for its first close south of its 200-day moving average since early January. 

ULTA Chart Aug 30

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