Oil Extends Gains, Sends Stocks Higher

Easing of lockdowns gives investors hope for the economy

Deputy Editor
May 5, 2020 at 12:07 PM
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The Dow Jones Industrial Average (DJI)  is up around 360 points at midday, as hopes of the economy "reopening" and new earnings data outweigh the hesitance surrounding fears of a potential second wave. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the black, with oil eyeing its fifth-straight session of wins. At last check, the front-month contracts is up 18.4% at $24.15 per barrel. 

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

  • Starbucks reveals big reopening plan.
  • Car rental stock hits a new low.  
  • Plus, travel service name with puts popping; Wayfair stock soars after its quarterly report; and INSW takes a dive on the charts.

mmc chart may 520

One stock seeing notable options activity today is Trip.com Group Ltd (NASDAQ:TCOM), up 3% at $24.76 at last check. The China-based travel service provider has seen 14,000 puts cross the tape so far, 17 times what's typically seen. Most popular are the May 22 and 25 puts, with new positions being opened at both. This surge in puts comes after a price target cut by Mizuho to $30 from $32. Year-to-date, TCOM has shed 26%.

Topping the New York Stock Exchange (NYSE) today is Wayfair Inc (NYSE:W), up 26.7% at $169.9 at last check. This rise comes after the company reported a better-than-anticipated first-quarter report, with a jump in sales surging above analyst expectations. The stock has now leaped a fresh record high of $181.39, and sports an impressive 79% year-to-date lead. 

Wayfair mmc 520

On the other hand, International Seaways Inc (NYSE:INSW) is nearing the bottom of the NYSE today, last seen down 10.1% at $22.83. This drop comes amid analysts announcing their first-quarter earnings expectations of $1.46 per share, and despite the oil sector's broader daily gains. INSW has now shed nearly 23% in 2020.


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