Stocks Rebound from Session Lows After Kudlow Comments

Reports of Chinese reluctance to make a deal had stocks lower to start

by Patrick Martin

Published on Oct 7, 2019 at 11:58 AM

The Dow Jones Industrial Average (DJI) is trading just below breakeven at midday, but has pared sharper losses from the morning. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have climbed into the black, though, after earlier being down on reports of China's reluctance to hammer out a trade deal in Washington, D.C., later this week. Bolstering stocks off their lows appear to be comments from White House economic advisor Larry Kudlow, who said, "It is possible that some additional progress will be made with China toward the end of the week." 

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

  • A bull note is keeping Nvidia stock hot. 
  • Citigroup is optimistic about Uber stock for the rest of 2019.
  • Plus, call traders eye record highs for Target stock; Wendy's downgraded; and Aurora Cannabis nears a record lows.

Midday Market Stats Oct 7

One name seeing unusual options volume today is Target Corporation (NYSE:TGT), with 14,000 calls crossing the tape so far -- triple the average intraday amount, and nearly four times the number of puts traded. Most of this attention is on the weekly 10/11 110-strike call, where new positions are being opened. The retail stock is down 0.7% to trade at $108.47, at last check, but remains just below its Sept. 6 record high of $110.94.

Wendy's Company (NASDAQ:WEN) stock is trending lower today, after Cowen downgraded the restaurant name to "market perform" from "outperform," while also trimming its price target to $20 from $22. The analyst is concerned about the company's breakfast rollout in 2020. WEN is still up 30% in 2019, and nabbed a record high of $22.84 back on Sept. 6.

Aurora Cannabis Inc (NYSE:ACB) is near the bottom of the New York Stock Exchange (NYSE), down 3.9% at $4.23, although the catalyst is unknown. ACB is now a chip-shot from its Oct. 2 record low of $3.80. The weed stock has shaved off nearly 60% since its mid-March highs above $10, with its 50-day moving average containing a breakout last month.

MMC Daily Chart ACB

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