Dow Surges on Apple, Walmart Outperformance

ISM Manufacturing index showed a slowdown amid coronavirus headwinds

Managing Editor
Mar 2, 2020 at 12:10 PM
facebook twitter linkedin

The Dow Jones Industrial Average's (DJI) continues to recover from last week's catastrophic selloff, up over 700 points at its intraday peak. The blue-chip index brushed off disappointing data from the ISM manufacturing index, which showed a slowdown due to coronavirus headwinds last month. Meanwhile, Wall Street is eyeing impressive resilience from Apple (AAPL), Merck (MRK), and Walmart (WMT). A lead out of tech also has the Nasdaq Composite (IXIC) sporting its own triple-digit gain midday.

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

  • FAANG stock surging higher on bull note.
  • Analyst waxes optimistic on this software name.
  • Plus, a casino stock with surging options; and the best and worst of the NYSE and Nasdaq.

MMC Chart Mar 2

One stock sporting unusual options volume today is casino name Caesars Entertainment Corporation (NASDAQ:CZR), where 18,000 puts have crossed the tape so far, 20 times what's typically seen at this point. The June 10 and April 10 puts are the most popular, with more than 12,000 contracts traded. At last glance Caesars stock is down 3.1% at $12.32, and pacing toward its seventh-straight loss.

Car sales platform Inc (NYSE:CARS) is one the worst performers on the New York Stock Exchange (NYSE), last seen trading 10.3% lower at $8.17. While the catalyst behind the drop remains unclear, overhead pressure at the 160-day moving average has halted multiple breakout attempts since mid January. Longer-term, the $13 mark has been a ceiling of resistance for the shares. Over the past 12 months, stock has shed 66%.

Daily CARS With 160MA

Biotech Forty Seven Inc (NASDAQ:FTSV) is one of the top stocks on the Nasdaq this afternoon, surging more than 60% at $93.74, earlier touching a record high of $94.03. Today's impressive bull gap comes after news the company will be purchased for $4.9 billion in all cash, or $95.50 per share, by sector peer Gilead Sciences (GILD). FTSV has surged 138% in 2020 alone, and following today's outperformance is pacing toward its second best day ever.


If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Master Portfolio Trial


Special Offers from Schaeffer's Trading Partners