SPX Pulls Back After Hitting Record High

The Nasdaq also hit a 52-week high

Deputy Editor
Aug 18, 2020 at 12:10 PM
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The S&P 500 Index (SPX) earlier hit its long-awaited record intraday high, after multiple failed attempts throughout the month. However, the major benchmark has since pulled back to flatline. Meanwhile, the Dow Jones Industrial Average (DJI) is swimming in the red as Walmart (WMT) and Home Depot (HD) give back their earlier gains, while the Nasdaq Composite (IXIC) is up at a new 52-week high. Over in Washington, Senate Republicans announced a coronavirus relief plan that includes $10 billion for the United States Postal Service (USPS). Investors are also digesting U.S. housing starts for July -- with 1.496 million topping estimates of 1.24 million. 

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

  • Cruise stock sinks on personal data leak. 
  • This retail giant just hit a record high after earnings. 
  • Plus, ORCL's call volume surges on TikTok bid; GRWG still soaring on quarterly report; and Kohl's crumbles on back-to-school uncertainty. 

mmc stats August 18

One stock seeing notable activity in its options pits is Oracle Corporation (NYSE:ORCL), up 3.4% at $55.85 at last check. So far, 114,000 calls have crossed the tape -- 33 times what's typically seen at this point -- along with 8,106 puts. Most popular is the August 56-strike call, expiring at the end of the week, where new positions are being opened. This surge in volume comes after the company joined in on the fight for the ownership of popular app, TikTok. Year-to-date, ORCL is up 5.2%. 

One stock scaling the Nasdaq today is GrowGeneration Corporation (NASDAQ:GRWG), up 19.1% at $19.25. The company has been soaring the last few days of trading after raising its full-year guidance and reporting higher-than-expected second-quarter revenue and earnings. Up around 124% in the last weekly period, the equity is on track for its fifth-straight month in the black. 

On the other hand, Kohl's Corporation (NYSE:KSS) is dropping on the New York Stock Exchange (NYSE), down 14% at $20.17 at last check, despite reporting a smaller-than-expected quarterly loss and revenue that came in above estimates. Weak back-to-school sales are weighing on the stock. Year-to-date, the stock is down 61%, with the 20-day moving average keeping a cap on earlier gains. 

KSS mmc August 18

 

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