Powell, Impeachment Hearings Keep Stocks at a Standstill

One Starbucks rival is soaring after earnings

by Karee Venema

Published on Nov 13, 2019 at 11:57 AM
Updated on Nov 13, 2019 at 12:03 PM

Stocks are sticking close to the flatline at midday, as Wall Street keeps a close eye on Capitol Hill. In addition to congressional testimony from Fed Chair Jerome Powell -- who said in prepared remarks that the "current stance of monetary policy is likely to remain appropriate" -- traders are watching the first day of public impeachment hearings against President Donald Trump. The Dow Jones Industrial Average (DJI) is holding in positive territory at last check thanks to strength from Procter & Gamble (PG), as is the S&P 500 Index (SPX), while the Nasdaq Composite (IXIC) is easing back from Tuesday's record high.

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

midday market stats nov 13

Luckin Coffee Inc (NASDAQ:LK) is seeing unusual options volume today, as shares of the China-based java giant surge 12.9% to trade at $21.57 post-earnings. Nearly 42,000 LK options have changed hands so far -- six times what's typically seen, and volume nearing a new record high. While some traders appear to be selling to close their November 22 calls, other seem to be purchasing new positions at the November 21 put.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is the best stock on the S&P 500 at midday -- up 3.4% at $37.95, fresh off a 13-year peak of $37.96. The shares have gained 35% since a mid-October bounce off their 180-day moving average, and are now pacing toward a seventh straight weekly win -- the longest for the chip stock since mid-2018.

amd stock daily price chart on nov 13

Mosaic Co (NYSE:MOS) is the worst SPX stock today, after J.P. Morgan Securities downgraded the fertilizer name to "underweight" from "neutral," and lowered its price target by $2 to $18. At last check, MOS shares are down 5.1% to trade at $19.86.

a schaeffer's exclusive


5 tips to leverage profits in this FREE insider report!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
Wall Street Reacts to Fed Decision, Trade Deal
Investors waited and reacted to the Fed decision and trade headlines
Sarepta Therapeutics Stock Eyes Best Day in 3 Years on FDA Reversal
SRPT is buzzing on the FDA's change of heart
The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.