Traders are eyeing the latest sentiment and housing data
The Dow Jones Industrial Average (DJI) was up triple digits earlier, as stocks reacted to bullish U.S.-China trade developments, with the Trump administration confirming more trade talks will take place next month. However, despite gains from Apple (AAPL), the Dow has since turned negative, following the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) into the red. The energy sector in particular is a spot of weakness, with November crude futures last seen down 1.5% at $57.78 per barrel. Traders are also digesting a steep drop in consumer confidence, as well as sluggish data on home prices.
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One name seeing unusual options volume today is GameStop Corp. (NYSE:GME), with the stock gaining 3.8% to trade at $5.21. This has GME shares on pace for their highest close since July, and testing their 100-day moving average for the first time since January. In response, calls and puts are both popular, but most popular is the November 6 put, where new positions are opening. Buyers would be betting on the video game retailer to stay below $6 in the months ahead.
One of the best stocks today is Jabil Inc (NYSE:JBL), jumping 5.9% to $33.17 thanks to a strong quarterly report and upbeat outlook, with the shares also tapping a 13-year high of $33.79. This brings the electronics manufacturer's year-to-date gain to 34.2%, but could be catching some bears off guard, since the Schaeffer's put/call open interest ratio (SOIR) of 2.00 shows near-term put open interest doubles call open interest.
One notable loser today is Fluor Corporation (NYSE:FLR), after the company announced new cost-cutting efforts, including halving its quarterly dividend. This has FLR shares down 10% to $18.64, extending their one-year slide; at this time last year, the stock was above $60. Fluor is on the short-sale restricted list today, but these bears already made their moves before today, with short interest shooting up 49.8% in the last reporting period.