Stocks are sinking on disappointing earnings and talks over the latest coronavirus relief
The Dow Jones Industrial Average (DJI) is still trading in the red at midday, down roughly 60 points thanks to a round of disappointing earnings. Meanwhile, the S&P 500 Index (SPX) is trading just below its breakeven and the Nasdaq Composite (IXIC) is looking at shallow losses as investors keep an eye on the newest Republican coronavirus relief plan.
Oil prices are sliding too, thanks to tensions surrounding the aforementioned relief plan and concerns over surging COVID-19 cases worldwide. At last check, crude for August delivery is down 1.1% at $41.13 per barrel, while August-delivered gold is up 1% at a new record high of $1949.60 per ounce.
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One stock seeing notable call trading in its options pits is Southwest Airlines Co (NYSE:LUV). Over 39,000 calls have exchanged hands -- three times the intraday average and more than seven times the number of puts traded. Most popular is the August 34 call, followed by the weekly 7/31 32-strike call, with new positions being opened at both. The equity was last seen up 1.4% at $31.97, though it still suffers a 40.5% year-to-date deficit.
Trueblue Inc (NYSE:TBI) was last seen up 22.2% at $16.70, surging after a second-quarter earnings and revenue beat. Today's rise makes TBI one of the top performers on the New York Stock Exchange (NYSE). Though Trueblue stock is down 28.5% year-to-date, the recent news is helping the equity clutch a 12.6% quarter-to-date win. Now, TBI is set to close above its 150-day moving average for the first time in nearly six months.
On the other end of the NYSE is EVI Industries Inc (NYSE:EVI), last seen down 13.7% at $19.99. It's unclear why EVI is tumbling today but the stock is now looking at a year-over-year loss of 42.2% and hit a three-month low of $18.78 earlier today. EVI is now testing its footing atop the 100-day moving average, which captured a pullback earlier this month.