Stocks Start Week at Record Highs

Upbeat U.S.-China trade headlines are fueling big gains on Wall Street

Nov 4, 2019 at 11:49 AM
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The Dow Jones Industrial Average (DJI) is trading up triple digits at midday, brushing off a big drop for blue chip McDonald's (MCD). The fast food stock was last seen down 2.5% on the unexpected ouster of CEO Steve Easterbrook. Instead, investors are reacting to upbeat U.S.-China trade buzz, which has the Dow, S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all hitting record highs in intraday action.

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

midday market stats nov 4

Options bulls are blasting Micron Technology, Inc. (NASDAQ:MU) today, as the chip stock trades up 2.3% at $49.48. At last check, around 46,500 MU call have changed hands -- two times what's typically seen at this point, and nearly three times the number of puts on the tape. The weekly 12/13 52-strike and December 55 calls are most active, and it looks like new positions are being purchased here.

United States Cellular Corp (NYSE:USM) is near the top of the New York Stock Exchange (NYSE) today, after Raymond James upgraded the regional telecommunications name to "strong buy" from "outperform," while lowering its price target to $49 from $53. In reaction, USM shares are up 13.6% at $35.77, but remain 30% lower year-to-date, stuck beneath their 40-day moving average.

usm stock daily price chart on nov 4

Insperity Inc (NYSE:NSP) is at the bottom of the Big Board at midday, after the human resources specialist reported adjusted third-quarter profit of 75 cents per share -- well below the consensus estimate -- and cut its full-year profit forecast. As a result, NSP stock is down 32.3% to trade at $72.88, earlier hitting a 19-month low of $67.06.

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