The S&P 500 is eyeing a seventh-straight win today
Stocks are a mixed bag today, as President-Elect Donald Trump's tariff plans take center stage. The Dow Jones Industrial Average (DJI) is down 160 points at last check, poised to snap a four-day win streak. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are sporting solid midday leads and looking to extend their respective win streaks to four and seven.
Investors are still unpacking the proposed 25% tariff on products from Mexico and Canada, as well as an added 10% levy on goods from China, on the first day Trump takes office in January. This comes after Trump's proposed 20% tariff on all imports during his campaign and an additional duty of at least 60% on Chinese products. Traders are also eyeing the Federal Reserve's meeting minutes, due out later this afternoon.
Continue reading for more on today's market, including:
- Retail stock gaps lower after earnings miss.
- Beat-and-raise pushes Semtech stock higher.
- Plus, ZM options pop; SJM leads the SPX; and Amgen stock eyes worst day ever.
Zoom Video Communications Inc(NASDAQ:ZM) is brushing off a third-quarter earnings and revenue win after the pandemic darling's fiscal fourth-quarter forecast was in with estimates. At last check, over 49,000 calls and 28,000 puts have been traded so far today, which is seven times the volume typically seen at this point. New positions are being opened at the most active contract, the weekly 11/29 88-strike call. The stock was last seen down 7.5% to trade at $82.33, on track to snap a four-day win streak and its worst single-day percentage loss since August 2022. ZM still sports a 13.4% year-to-date lead, though.
J M Smucker Co (NYSE:SJM) is the best stock on the SPX today, up 6.7% to trade at $121.21 at last check -- its highest level since April. The food name earlier beat top- and bottom-line expectations for the fiscal second quarter and raised its 2025 guidance. The shares are now eyeing their sixth gain over the past seven sessions and best win since March 2020, as they conquer the 200-day moving average. SJM also sports a 9.7% year-over-year lead.
Amgen Inc (NASDAQ:AMGN) stock is at the bottom of the SPX and dragging the Dow lower today, last seen down 11.5% to trade at a 52-week low of $260.25. This bear gap came after the biopharmaceutical company's obesity drug resulted in up to 20% weight loss after a year per a mid-stage study, which missed expectations. On track for its worst single-day percentage drop on record, AMGN also carries a 9.8% year-to-date deficit.