The September jobs report is propping up Wall Street
The Dow Jones Industrial Average (DJI) is enjoying outsized gains today, up triple digits after a mixed September jobs report. The report, which showed the unemployment rate falling to a 50-year low, still leaves the door open for the Fed to cut interest rates later this month, as nonfarm payrolls rose by fewer than expected. In addition, Apple stock is leading the blue chips, amid reports of increased iPhone production. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, but all three indexes are still on track for weekly losses.
Continue reading for more on today's market, including:
- 2 reasons to like this Apple supplier now.
- It could get even worse for Whiting Petroleum stock.
- Plus, call traders eye big EOG bounce; Skyworks eyes formidable ceiling; and HPQ near NYSE bottom after restructuring.
One name seeing unusual options volume today is EOG Resources Inc's (NYSE:EOG), with 9,100 calls crossing the tape so far -- four times the average intraday amount, and volume pacing for the 99th percentile of its annual range. Most of this attention is on the October 77.50 call, where new positions are being opened. The energy stock was last seen down 1% to trade at $70.19, a chip-shot from yesterday's three-year low of $69.19.
Skyworks Solutions Inc (NASDAQ:SWKS) stock is trending higher with Apple today. SWKS is up 19% year-to-date, but today's rally is falling short of its 320-day moving average, a trendline that has only been conquered once on a closing basis since August.
HP Inc (NYSE:HPQ) is near the bottom of the New York Stock Exchange (NYSE), down 8.3% at $16.87, after announcing restructuring efforts that involve cutting 16% of its workforce. The tech name also cut its adjusted earnings forecast for the current quarter. Loop Capital responded with a downgrade to "hold" from "buy," and a price-target cut to $19 from $21. HP stock earlier tagged a two-year bottom of $16.67.