Dow Moves Lower on New Year's Eve

Stocks keep retreating from record-high territory

by Josh Selway

Published on Dec 31, 2019 at 12:04 PM

Stocks are struggling for upside today amid lackluster trading ahead of the New Year's holiday tomorrow. The Dow Jones Industrial Average (DJI)S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were all last seen nursing modest losses, as the former two indexes eye a second straight down day while it would be a third straight loss for the Nasdaq. Traders in the meantime are monitoring the fallout from President Donald Trump's Iran comments, as well as reports that the phase one trade deal with the U.S. and China will be signed this week.

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

Midday Market Stats Dec 31

One name seeing unusual options volume today is Canopy Growth Corp (NYSE:CGC), as a number of weed stocks make strong moves higher. CGC shares were last seen up 8% at $20.41, putting them on pace to close above the 10-day moving average for the first time since Dec. 17. Traders seem to be betting on more short-term gains for the equity, with new positions opening at the weekly 1/3 20- and 20.50-strike call.

cgc stock dec 31

One winner to watch today is resTORbio Inc. (NASDAQ:TORC), as the shares rise 3.7% to $1.39 on news of a stake from Morgan Stanley. The security has given back a portion of its earlier gains, though, and is set to close the year down more than 80%.

One of the worst stocks today is Eyegate Pharmaceuticals Inc (NASDAQ:EYEG), with the shares giving back some of yesterday's monster 31% gain. EYEG stock traded up to $12.89 yesterday for a sixth straight gain, but today the shares are down 18.6% at $9.93, on news of the company's direct offering of $5 million in shares at $10 per share.

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