Dow Up Triple Digits as Oil Surges

President Trump is in talks with Saudi and Russian leaders about curbing oil production

Jake Scott

Deputy Editor

Apr 2, 2020 at 12:16 PM

The Dow Jones Industrial Average (DJI) pared modest morning losses and is currently up over 300 points at midday. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both joining the Dow with respectable gains despite jobless claims soaring to a record 6.6 million. Energy stocks are in focus today, after President Donald Trump confirmed via Twitter a phone call with Russian President Vladimir Putin and Saudi Crown Prince Mohammad Bin Salman about curbing oil production. At last check, May-dated crude futures were up 21.4% to trade at $24.66 per barrel.

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

Disney stock is shaking off a downgrade.
Chewy stock is getting demolished ahead of earnings.
Plus, Marvell options bears sniffing around; oil stock breaks out; and TPL topples trendline.

Midday Market Stats April 2

One stock seeing notable options trading activity today is Marvell Technology Group Ltd. (NASDAQ:MRVL). The semiconductor stock was last seen up 1.8% to trade at $21.96. At last check, over 6,000 MRVL puts have changed hands, double the average intraday amount and volume in the 91st percentile of its annual range. The weekly 5/8 17-strike put is leading the charge, followed closely by the May 17 put, with new positions being opened at both. Marvell stock hit an annual low of $16.45 on March 18.

One stock experiencing a massive surge on the S&P 500 this morning is oil and energy name Diamondback Energy Inc (NASDAQ: FANG), up 29% to trade at $32.26 at last check. FANG's rise on the charts comes despite a price-target cut to $43 from $45 by Credit Suisse. On top of this, FANG has cleared its 20-day moving average today for the first time since mid February.

MMC CHart

Meanwhile, another stock soaring today is Texas Pacific Land Trust (NYSE:TPL), last seen up 18.4% to trade at $438.01 at last check. Currently, TPL is set to topple its 20-day moving average for the first time since mid February. Today's rise comes despite price-target cut of down to $721 from $947 by Stifel.

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