Stocks Stay Lower, But Oil Prices Up Again

Oil futures are sporting strong gains once again

by Josh Selway

Published on Sep 10, 2019 at 12:13 PM

It's a somewhat low-volume day on Wall Street, with few market-moving events on the radar. The Dow Jones Industrial Average (DJI)S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were all last seen sporting modest losses, putting the Dow on pace for its first loss in five days. Outside of today's product reveal from Apple (AAPL), traders are also monitoring rising oil prices, with October crude futures up another 0.8% at $58.30 per barrel, as liquid gold continues to benefit from hopes of output cuts from major producers.

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

midday market stats sept 10

One name seeing accelerated options trading today is Intel Corporation (NASDAQ:INTC), with the chip stock last seen down 1.3% at $50.90. Puts are crossing at twice the normal rate, and new positions are opening at the September 49.50 and weekly 9/13 51-strike puts. If buy-to-open action is taking place, these traders are hoping for more losses from INTC shares through the respective expiration dates of next Friday, Sept. 20, and this Friday, Sept. 13.

One hot stock today is Kodiak Sciences Inc (NASDAQ:KOD). The biopharma concern is trading 7.3% higher at $12.87, seemingly getting a boost after the company's appearance at the Morgan Stanley Global Healthcare Conference. This has the shares above the 50-day moving average, set for their highest close since July, after coming into 2019 around $7.

KOD stock chart sept 10

A day after hitting another record high on an analyst bull note, Chipotle Mexican Grill, Inc. (NYSE:CMG) is one notable loser today, down 5.4% at $794.31. This would be the stock's worst day since May, as it tests the $800 level and nears its 50-day moving average.

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