Stocks Keep Falling After Manufacturing Data

U.S. stocks are near session lows at midday

by Josh Selway

Published on Sep 3, 2019 at 12:09 PM

The Dow Jones Industrial Average (DJI) continues to trade lower, weighed down by concerns around the U.S-China trade relationship. Downbeat economic data could be hurting stocks, too, with the U.S. manufacturing sector contracting in August for the first time since 2016, and construction spending rising less than expected in July. In response, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sporting sharp losses, as well, while the yield on the 10-year Treasury is also moving lower again.

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

  • Analyst sees potential in Snap's gaming business.
  • Pot stock's price target cut by $90.
  • Plus, accelerated weeklies on Zoom Video; healthcare stock jumps on drug data; and retailer tops key trendline. 

midday market stats2 sept 3

One name seeing accelerated options trading is Zoom Video Communications Inc (NASDAQ:ZM). A large chunk of the activity has taken place at the weekly 9/6 95-strike call, where there was high open interest coming into today -- suggesting traders may be closing positions before expiration this Friday, Sept. 6. Plenty of new positions are still being opened, with potential sell-to-open activity occurring at the weekly 9/6 100-strike call. ZM stock was last seen at $91.60, down 0.07% today.

One of the biggest winners today is The Medicines Company (NASDAQ:MDCO), up 13.2% at $47.49, thanks to positive drug trial data. The shares earlier touched a two-year high of $47.65, and sport a year-to-date lead of 147%. That could explain why all nine covering analysts already had "strong buy" recommendations on the security.

Another strong gainer today is Conn's Inc (NASDAQ:CONN), thanks to a well-received earnings release. The retailer's same-store sales numbers were especially impressive, sending the stock up 17.4% to $23.67. This puts the shares above their 200-day moving average for the first time in almost a year.

conn stock price sep 3

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