Nike, Tesla Lead Stocks Higher

The Dow made a solid effort to recoup Friday's losses

Managing Editor
Feb 3, 2020 at 4:38 PM
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U.S. stocks wrangled in a notable win for the first trading day in February, quickly writing off Friday's drop. A solid 3.6% lift out of Nike (NKE) was the biggest driver for the Dow today, guiding the index 143 points higher by session end. Tesla (TSLA) was also big winner, soaring 20%. Although earnings activity was light today, the highly anticipated Alphabet (GOOGL) report is due out this evening.

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

  • Options market gears up for latest FAANG earnings.
  • NASA buzz sends this networking stock soaring.
  • Plus, a look at one Dow stock's double-dose of bull notes; behind Nike's run higher; and another potential VIX surge.

The Dow Jones Industrial Average (DJI - 28,399.81) added 143.8 points, or 0.5% for the day. Nike paced the 21 winners with a 3.1% gain, while Verizon (VZ) lead the nine losers with a 2.3% drop.

The S&P 500 Index (SPX - 3,248.92) tacked on 23.4 points, or 0.7%. Meanwhile, the Nasdaq Composite (IXIC - 9,273.40) finished 122.5 points, or 1.3%, higher today.

The Cboe Volatility Index (VIX - 17.97) shed 0.9 point, or 4.6%.

new indexes feb 3

new nyse feb 3

5 Items on Our Radar Today

  1. A New York Times investigation revealed female executives and models of the lingerie brand Victoria's Secret have been bullied and harassed for decades. In fact, this accusation comes just after last week's claim that parent company L Brands (LB), was discussing a severance from the brand altogether, as well as an exit by its long-time CEO Les Wexner. (Bloomberg)
  2. Lin-Manuel Miranda, creator and original star of Tony Award-winning Broadway musical "Hamilton," today revealed there will be a filmed version of the production hitting theaters in October of 2021. Miranda said it will be a "live theatrical experience that feels just as immediate in your local movie theater."(CNBC)
  3. Which Dow stock just landed a double dose of bull notes.
  4. Behind Nike's run higher.
  5. How another VIX surge could unfold, per Schaeffer's V.P. of Research, Todd Salamone.

Earnings Chart Feb 3

UVOL feb 3

Data courtesy of Trade-Alert

Oil Hits Annual Low on Coronavirus Headwinds

Coronavirus headwinds carried oil to another day of losses and a fresh annual low to start February. The March-dated crude futures lost $1.45, or 2.8%, to settle at $50.11 per barrel. 

Gold also suffered, marking its second straight drop. Triggering the drop was a decrease in haven demand alongside following a rebound in U.S. markets, as well as a rise in the dollar. Gold for April delivery dropped $5.50, or 0.4%, to settle at $1,582.40 per ounce for the day.

 

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