Stocks are lower today, thanks to the reignited tensions between the U.S. and China
Little has changed for the Dow Jones Industrial Average (DJI) since this morning, the blue-chip is down around 100 points on news of reignited tensions between the U.S. and China. This comes after China ordered the closure of a U.S. consulate in Chengdu -- a retaliatory move in response to the U.S. shutting down the Chinese consulate in Houston earlier this week.
Meanwhile, the Nasdaq Composite (IXIC) is being dragged down by the tech sector, with Microsoft (MSFT) spending another day in the red. The S&P 500 Index (SPX) is struggling to stay afloat as well. Global tensions are putting pressure on oil too, despite ongoing weakness in the U.S. dollar. At last check, crude for August delivery is down 0.6% at $40.82.
Continue reading for more on today's market, including:
- J.P. Morgan sent out a pre-earnings warning for Xerox.
- Disney stock is falling after the company pushed back a few major movie releases.
- Plus, AMD nabs more fresh highs; ECOM surging on sunny guidance; and eHealth stock hit with bear notes.
One stock seeing notable activity in its options pits is Advanced Micro Devices, Inc. (NASDAQ:AMD). Over 336,000 calls have exchanged hands today -- four times the intraday average -- with volume pacing for the highest percentile of its 12-month range. Most popular by far is the weekly 7/24 67-strike call, where new positions are being opened. The equity was last seen up 14.8% at $66 -- a new all-time high -- propping it up to a year-over-year rise of 103.1%.
One of the best performing stocks on the New York Stock Exchange (NYSE) today is e-commerce company ChannelAdvisor Corp (NYSE:ECOM), last seen up 30.8% at $19.48. ECOM just lifted its second-quarter revenue guidance, exceeding analysts' estimates.The compay also just acquired analytics firm BlueBoard, sparking a price target hike from Needham to $21 fro $16. The stock is trading at fresh five-year highs today, and just toppled recent pressure at its 20-day moving average.
One stock sitting at the bottom of the Nasdaq is eHealth, Inc. (NASDAQ:EHTH). The stock is set for its largest one-day loss since October 2016, last seen down 32.1% at $77.42. This comes just after EHTH's second-quarter earnings miss, which sparked no less than eight price-target cuts, the lowest coming from Jefferies to $98 from $125. One holdout, SVBLeerink, however, lifted its price estimate to $110. The security is now off 19.7% year-to-date, and pacing for its lowest close since November 2019.