The S&P 500 and Nasdaq are also holding on to midday gains
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.
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.