Micron's results are weighing on the entire tech sector
The Dow Jones Industrial Average (DJI) was eyeing a strong close to the week, thanks to confirmation that the U.S. and China are set to meet for trade talks next month. However, the blue-chip index has since pared the bulk of these earlier gains, after a Bloomberg News report suggested the Trump administration is considering limiting capital flows to China. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are solidly in the red, though, as semiconductor stocks weigh again due to weak guidance from Micron Technology (MU), the worst SPX performer today.
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One name seeing unusual options volume today is Square Inc (NYSE:SQ), as weekly call traders try to play more short-term upside in the payments concern. Buy-to-open activity looks likely at the weekly 10/4 61-strike call, the most popular contract today, which would mean these traders see SQ shares rising further above the $61 mark through next Friday's close, when the contracts expire. The stock was last seen up 1.1% at $61.47, extending yesterday's upside.
Las Vegas Sands Corp. (NYSE:LVS) is outperforming today thanks to news the stock will be added to the SPX. But while LVS shares are trading 5.3% higher at $58.83, they topped out right at the 200-day moving average, suggesting the closely watched trendline could be acting as technical resistance, along with the 320-day moving average.
One of the worst stocks today is
Progress Software Corp (NASDAQ:PRGS), last seen down 11.2% at $37.25. The company reported earnings after the close yesterday, and while earnings per share and revenue topped expectations, the current-quarter sales outlook disappointed. PRGS shares earlier hit their lowest point since before a late-March bull gap.