Dow Drops as Trump Talks Down Trade Progress

The S&P is lower, too, while the Nasdaq clings to modest gains

by Karee Venema

Published on Nov 8, 2019 at 11:55 AM
Updated on Nov 8, 2019 at 12:03 PM

The Dow Jones Industrial Average (DJI) started the day trading in positive territory thanks to a big earnings win for Disney (DIS). However, the blue-chip index has since swung lower after President Donald Trump told reporters he has not yet agreed to roll back tariffs on Chinese goods, after word of the potential agreement sent the U.S. stock market to new record highs on Thursday. The S&P 500 Index (SPX) is also in the red, at last check, while the Nasdaq Composite (IXIC) is clinging to a modest gain.

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

midday market stats nov 8

Put traders are blasting Gap Inc (NYSE:GPS), as the stock sinks on news of CEO Art Peck's immediate departure. Nearly 46,000 GPS calls have changed hands today -- 41 times what's typically seen, and volume nearing a new annual high. The December 15 call is most active, and it looks like one trader may have sold to open a 23,652-contract block. If this is the case, they expect GPS to hold above $15 through December options expiration. At last check, Gap stock was down 8.4% at $16.54.

Axon Enterprise Inc (NASDAQ:AAXN) is near the top of the Nasdaq, after the Taser maker reported record revenue in its third-quarter, and upwardly revised its full-year revenue forecast. An upgrade to "buy" from Needham and price-target hike to $83 at J.P. Morgan Securities are fueling the fire, with AAXN stock up 26.8% at $66.46, set to close above its 20-week moving average for the first time since early August.

aaxn stock weekly price chart on nov 8

AnaptysBio Inc (NASDAQ:ANAB) is the worst stock on the Nasdaq, after the firm said its eczema drug, etokimab, failed in a mid-stage study, and announced plans to postpone a Phase 11 study for its asthma drug. What's more, both Wedbush and Guggenheim downgraded ANAB stock to the equivalent of a "hold." Most recently, the shares are down 69.5% to trade at $11.04, earlier tagging a record low of $10.

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