Dow, S&P 500 Recovering From Steep Deficits

Investors are unpacking positive jobs data as well

Assistant Editor
Sep 17, 2020 at 12:08 PM
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The Dow Jones Industrial Average (DJI) is sitting just below breakeven at midday, but has pared a 384-point drop at its session lows despite mounting pressure from mixed coronavirus vaccine sentiment. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red, but cruise stocks and the tech sector have also recovered some of their sharper losses. Meanwhile, investors are digesting better-than-expected jobs data. Both initial weekly jobless claims and unadjusted new claims dropped lower last week, while continuing jobless claims fell by 916,000 to 12.63 million -- the lowest level since April. 

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

  • Drug stock moves lower on recall news.
  • CVS stock climbs on initiated coverage. 
  • Plus, call traders rush to chemical icon; MLHR eyes best day ever after earnings; and solar stock drops on share offering. 

MMC Sep 17

One stock seeing notable options activity is DuPont De Nemours Inc (NYSE:DD), up 0.6% at $60.55 at last check. So far, 25,000 calls have crossed the tape -- five times what's typically seen at this point and volume pacing for the 100th percentile of its annual range. Most popular are the October 65- and 60-strike calls, with new positions being opened at both.

At the top of the Nasdaq today is Herman Miller Inc (NASDAQ:MLHR), up 30% at $33.88 at last check, after the office and home furniture maker reported fiscal first-quarter earnings drastically higher than expected. The equity has soared past pressure at the $27 region for the first time since March, also breaking out past the 180-day moving average, which it hasn't closed above since December. Despite on track for its best day ever sixth-straight win  MLHR is still down 21.4% year-to-date.

MLHR Sep 17

Meanwhile, dropping lower is First Solar Inc (NASDAQ:FSLR), last seen down 10.6% at $64.33 after announcing a secondary offering of common stock, amid news that top shareholder Lukas Walton plans to trim stake. Despite landing on the short-sale restricted list and breaching support at its 50-day moving average, the equity is still up 14.8% year-to-date. 


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