Dow Up Triple Digits as Oil Surges

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

Deputy Editor
Apr 2, 2020 at 12:16 PM
facebook twitter linkedin

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.


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.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 


300x250 - Banner 3 - v1