Dow Leaps Amid Positive Stimulus Sentiment, Economic Data

Pending home sales rose at its highest pace on record

Assistant Editor
Sep 30, 2020 at 12:04 PM
facebook twitter linkedin


Following last night's first U.S. Presidential debate, the Dow Jones Industrial Average (DJI) is up over 450 points midday. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, though all three benchmarks are headed for their first monthly losses since March, as sentiment around the second stimulus turned hopeful after Treasury Secretary Steven Mnuchin announced that lawmakers are going to give it "a more serious try," and that he believes there is a "reasonable compromise here." Meanwhile, investors are breaking down positive economic data. Pending home sales jumped 8.8% in August, its highest pace on record, while ADP's private-sector jobs grew 749,000, which is higher than the expected 600,000.

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

  • Disney stock dips on massive layoff announcement. 
  • Energy giant elevated on takeover talks
  • Plus, option bulls charge a restructuring ELAN; PECK awarded Maine contract; and EPAC falls on an earnings miss. 

MMC Chart Sept30

One stock on the New York Stock Exchange (NYSE) seeing notable options activity is Elanco Animal Health Inc (NYSE:ELAN), up 4.6% at $28 after the company announced its restructuring plan, which includes cutting over 900 jobs worldwide. So far, 8,914 calls have crossed the tape -- 45 times what's typically seen at this point. Most popular by far is the October 28 call, where new positions are being opened. 

One stock scaling the Nasdaq today is Peck Company Holdings Inc (NASDAQ:PECK), up 12.1% at $7.79 at last check, after the company was awarded a $2.4 million contract for a large solar project in Maine. Earlier trading up at $9.85 at its session highs, the recently volatile stock is up an impressive 213.7% year-to-date. 

Meanwhile, dropping on the NYSE, Enerpac Tool Group Corporation (NYSE:EPAC) is down 9.7% at $18.04 at last check. The machinery company reported fiscal fourth-quarter earnings below estimates, making it the third-straight quarter below Wall Street's expected results. Rejected by close pressure at the 200-day moving average at the $20 region, Enerpac stock is now gapping lower to levels not seen since late-June. 

EPACw200MA


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners