With corporate earnings set to continue rolling in today, U.S. stock futures are trading slightly below fair value. A loss would snap the Dow Jones Industrial Average's (DJI) four-session win streak, while the Nasdaq Composite (IXIC) will need to fight to extend its run into record-high territory. Traders this morning are digesting upbeat quarterly results from names like Morgan Stanley (MS) and CSX Corporation (CSX), with blue chips American Express (AXP) and International Business Machines (IBM) set to report after the close. Meanwhile, Fed Chair Jerome Powell will again be testifying on Capitol Hill, this time in front of the House Financial Services Committee.

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

• Schaeffer's Senior Quantitative Analyst Rocky White on what this strange stock market phenomenon could mean for the rest of 2018.
• Analyst: This healthcare stock could double.
• Options traders pounced on Amazon Prime Day.
• Plus, a rising airline stock; Google's big fine; and Buffett makes a change at Berkshire.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 908,770 call contracts traded on Tuesday, compared to 593,431 put contracts. The single-session equity put/call ratio declined to 0.65, while the 21-day moving average remained at 0.61.
2. On the earnings front, United Continental Holdings Inc (NYSE:UAL) is on the rise, up 4.7% in pre-market trading, after the company reported better-than-expected second-quarter revenue and raised its full-year outlook. Evercore ISI followed this up with a price-target hike to $80 from $76. UAL shares have been stair-stepping higher since bottoming just above $60 back in February, despite trade war fears.
   
3. Alphabet Inc (NASDAQ:GOOGL) is in focus this morning, after the European Union (EU) fined Google $5 billion for antitrust abuses with its Android operating system. Google said it plans on appealing the decision, which follows a $2.7 billion fine it received from the EU last year. GOOGL shares were last seen down 0.5% before the open, after notching a record high of $1,218.76 yesterday.
4. Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK.A) is trading higher before the open, after the company said it would loosen its share buyback policy. BRK.A shares hit an all-time high atop $326,000 back in January, but were last seen trading at $288,500.
5. In addition to housing starts, the weekly crude inventories update and the Fed's Beige Book will come out. Abbott Laboratories (ABT), Alcoa (AA), eBay (EBAY), and Textron (TXT) will be in the earnings spotlight.

Earnings Give European Stocks a Boost

Most Asian benchmarks settled lower. In China, the Shanghai Composite gave back 0.4%, while Hong Kong's Hang Seng shed 0.2%. The Wall Street Journal reported progress on lifting a current Stock Connect ban that excludes locally listed shares of Chinese companies with supervoting stock from trading on the exchange. South Korea's Kospi also closed in negative territory -- down 0.3% -- though Japan's Nikkei outperformed again, adding 0.4% on a cooling yen.

A round of positive earnings reactions is boosting European stocks at midday, with Swedish telecom concern Ericsson and U.K-based airliner easyJet two of the names surging after the companies' respective results. At last check, the German DAX is up 0.6%, the French CAC 40 is flirting with a 0.5% lead, and London's FTSE 100 is 0.6% higher as the pound weakens on a weaker-than-forecast reading on U.K. inflation data for June.

Stocks are mixed today, with the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) sporting gains -- and the former on track for its fifth straight win -- while the Nasdaq Composite (IXIC) is lower due to a pullback in the tech sector. FAANG stocks in particular are struggling, as Alphabet's (GOOGL) Google faces a hefty $5 billion fine from the European Union (EU), Netflix (NFLX) extends its post-earnings drop, and Amazon.com (AMZN) takes a breather after Prime Day. In other news, traders are eyeing the biggest one-month drop in U.S. housing starts since November 2016. Meanwhile, Fed Chair Jerome Powell spent another day on Capitol Hill, reiterating his expectations for gradual rate hikes before the House Financial Services Committee.

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

• This sentiment signal also flashed in March 2009.
  
• 2 coffee stocks hit with analyst attention this morning.
• Plus, options bulls race to Travelers stock before earnings tomorrow; Delta stock gets a halo lift; and Marathon Oil stock continues to sink.

One name seeing notable options trading today is Travelers Companies Inc (NYSE:TRV), where more than 3,300 calls have traded -- 12 times what's typically seen at this point, and volume pacing for the 100th percentile of its annual range. Leading the charge today is the August 135 call, with over 2,400 contracts exchanged, and new positions being opened.  It seems options traders are hoping for a post-earnings move higher ahead of the company's quarterly release before the open tomorrow. Year-to-date, TRV has shed 4%. 

Delta Air Lines, Inc. (NYSE:DAL) is one of the best stocks on the New York Stock Exchange (NYSE) so far today, up 4.2% to trade at $53.27, getting a halo lift after an upbeat earnings report from sector peer United Continental (UAL). Delta stock is on track for its best day since Jan. 11, and is set to finish above its formerly supportive 320-day moving average for the first time in nearly a month. 

On the other end of the spectrum is Marathon Oil Corporation (NYSE:MRO), one of the worst S&P 500 stocks today and down 2.3% to trade at $19.60. The drop today has MRO shares on track to close below their 80-day moving average for the first time since early April. Nevertheless, Marathon stock scored a three-year high of $22.74 just last Tuesday.

Stocks are sliding today, with the Dow Jones Industrial Average (DJI) down 66 points and on track to snap its five-day winning streak. Renewed trade tensions have put markets on edge, with China disputing recent comments from the Trump administration, and the European Union (EU) readying a list of possible retaliatory tariffs if the U.S. imposes tariffs on EU cars. In addition, lackluster earnings showings from Travelers (TRV) and American Express (AXP) are overshadowing an earnings beat for fellow blue chip IBM (IBM).

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red, as earnings season claims eBay (EBAY) as a notable loser. Elsewhere, a stronger dollar is weighing on metals, with August-dated gold futures down 1% to trade at $1,216.20 an ounce -- a new annual low -- and silver eyeing its lowest close since 2016. 

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

• Analyst: Scoop up this low-dollar social media stock.
  
• Tesla's Model 3 concerns prompted another bear note.
• Plus, Citron sparks bearish betting on AbbVie stock; Comcast stock gets a boost after nixing Fox bid; and FCX stock sinks with metals.

One name seeing notable options trading today is AbbVie Inc (NYSE:ABBV), where more than 36,000 puts have traded -- 12 times what's typically seen at this point, and volume pacing for the 99th percentile of its annual range. Leading the charge today is the July 85 put, with over 9,500 contracts exchanged, and new positions being opened.  ABBV is down 4.9% to trade at $89.71 today, after short seller Citron Research said the shares are worth $60, and called AbbVie the "next great drug short."

Comcast Corporation (NASDAQ:CMCSA) is one of the best S&P 500 (SPX) stocks so far today, up 3.2% to trade at $35.09, after the media giant abandoned its $66 billion bid for 21st Century Fox (FOXA) assets. Instead, Comcast said it will turn its attention to its $34 billion offer for British TV entity Sky. Since bottoming at an annual low of $30.43 on May 9, CMCSA stock has fought back to gain almost 16%. Nevertheless, the shares are still staring up at potential resistance in the form of their 160-day moving average.

On the other end of the spectrum is Freeport-McMoRan (NYSE:FCX), one of the worst stocks on the New York Stock Exchange (NYSE) today, down 5.5% to trade at $16.16. The mining giant is part of a broader metal stock sell-off, after concerns about demand arose out of China following an exchange of trade-related comments with the U.S. FCX stock is on track for its worst day since April 24, and has now shed 15% in 2018.

The Dow explored a triple-digit trading range on both sides of breakeven before eventually bringing its daily win streak to five, as UnitedHealth (UNH) stock bounced back on a post-earnings bull note from RBC, which called the insurance giant's 2019 outlook "attractive." The S&P also closed in positive territory, though the Nasdaq slipped into the red -- even after Amazon's market cap briefly topped $900 billion. Traders also digested the Fed's Beige Book, which underscored signs of a strengthening economy, but pointed to uncertainty surrounding tariff risk.

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

• History says to scoop up Netflix stock at a discount.
• Options bulls blast Microsoft before earnings.
• Behind a Twitter stock downgrade.
• Plus, steel stocks with cheap options; analysts cut SBUX price targets; and one tech stock swung lower after the CEO split.

The Dow Jones Industrial Average (DJI - 25,199.29) closed up 79.4 points, or 0.3%. Fifteen Dow stocks settled in positive territory, paced by UNH's 2% pop. McDonald's (MCD) led the 15 decliners with its 1.1% loss.

The S&P 500 Index (SPX - 2,815.62) nabbed its fourth win in five sessions, adding 6.1 points, or 0.2%. It was a photo finish for the Nasdaq Composite (IXIC - 7,854.44), which fell to a 0.01% loss right at the closing bell.

The Cboe Volatility Index (VIX - 12.10) slipped to its lowest level since June 7 in intraday action, before settling up 0.04 point, or 0.3%.

5 Items on Our Radar Today

1. Tesla (TSLA) remained on Wall Street's radar today, after Jim Chanos chimed in on the company's CEO Elon Musk -- while also unveiling his top short position. Talking to CNBC, the noted short seller criticized Musk's "willingness to say things that I think he knows are a stretch," including Model 3 production numbers. (CNBC)
2. Papa John's (PZZA) and Wendy's (WEN) had held preliminary merger talks before John Schnatter stepped down last week as PZZA chairman, according to The Wall Street Journal. The ouster came after reports Schnatter used a racial slur during a conference call. (MarketWatch)
3. Short-term options are cheap on this pair of steel stocks.
4. Starbucks stock has been hit with multiple price-target cuts this week.
5. This tech stock swung lower on news of a surprising C-suite shift.

Data courtesy of Trade-Alert

Oil Gains as Gasoline Stockpiles Drop

Oil prices gained ground for a second straight session, as a larger-than-expected decline in domestic gasoline stockpiles offset an unexpected increase in crude supplies. Crude futures for August delivery rose 68 cents, or 1%, to settle at $68.76 per barrel.

Gold snapped its three-day losing streak as the dollar cooled. At the close, August-dated gold futures were up 60 cents at $1,227.90 an ounce.

Stocks are set for a lower open this morning, with Dow Jones Industrial Average (DJI) futures trading sharply below fair value. Earnings remain the main story on Wall Street, but while International Business Machines (IBM) stock is getting a lift from upbeat quarterly results, fellow Dow components American Express (AXP) and Travelers (TRV) are in the red after earnings. As such, the blue-chip index's five-day win streak could be in trouble.

Elsewhere, traders are digesting trade-related comments from members of the Trump administration, with economic advisor Larry Kudlow saying China doesn't want to make a trade deal -- though China's foreign ministry spokesperson said that was "bogus." Meanwhile, Commerce Secretary Wilbur Ross spoke positively about trade talks with Mexico, just as the Commerce Department begins hearings on U.S. tariffs on European cars.

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

• 2 steel stocks that could heat up soon.
• Why there could be more post-earnings upside for United stock.
• Riot Blockchain stock was hit by bitcoin headwinds.
• Plus, eBay shares set to slide; Square grabs two bull notes; and another big pop in store for Arcadia Biosciences.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 931,611 call contracts traded on Wednesday, compared to 519,461 put contracts. The single-session equity put/call ratio fell to 0.56, while the 21-day moving average remained at 0.61 for a third straight day.
2. eBay Inc (NASDAQ:EBAY) is trading almost 9% lower before the open, after the company's second-quarter revenue fell short of expectations and it lowered its current-quarter outlook. The weak results were met with a wide range of bearish analyst notes, with Jefferies saying the company fell short on almost every important metric. EBAY stock was already down 9% in the past three months, and should come close to its November lows near $34.
   
3. Square Inc (NYSE:SQ) is gaining in pre-market trading thanks to another round of bullish analyst attention, and the shares could hit fresh record highs as a result. Credit Suisse upgraded SQ to "outperform" from "neutral" and lifted its price target to $81 from $44, and Morgan Stanley boosted its price target to $75 from $43. At this time last year, Square was trading in the mid-20s, but closed yesterday at $68.29.
4. Arcadia Biosciences Inc (NASDAQ:RKDA) is another big pre-market winner, though it's becoming the stock that cried wolf in the sense that none of its previous breakout attempts have lasted long. Specifically, RKDA stock almost immediately pulled back following its last surge in late June. This time around it's news that the company's hybrid tomatoes hit an important milestone that has the shares ready to open up 24.3%.
5. Weekly jobless claims and the Philadelphia Fed business outlook survey will be released today. Earnings from Microsoft (MSFT), Bank of New York Mellon (BK), Capital One Financial (COF), Domino's Pizza (DPZ), E*TRADE Financial (ETFC), Fifth Third (FITB), Intuitive Surgical (ISRG), Nucor (NUE), Philip Morris (PM), Skechers (SKX), Skyworks Solutions (SWKS), and Union Pacific (UNP) are due.

Asian Markets Dip on Negative Trade Headlines

Asian markets closed lower today, after Kudlow indicated trade talks between the U.S. and China have stalled. The Shanghai Composite fell 0.5%, Hong Kong's Hang Seng gave back 0.4%, and South Korea's Kospi shed 0.3%. Elsewhere, Japan's Nikkei snapped its four-day win streak to close down 0.1% following a report that showed the country's trade surplus surged 66.5% last month as growing Chinese demand for chips offset declining car exports to the U.S.

Stocks in Europe are mixed at midday, as traders digest the latest quarterly earnings reports. While the shares of German software firm SAP and U.K. retailer Sports Direct are sinking after earnings, French telecom Iliad and Swiss robotics specialist ABB are jumping. Tariffs are also on the radar, after Kudlow suggested a trade deal with the European Union could be on the horizon. At last check, the German DAX and the French CAC 40 were both off 0.5%, while London's FTSE 100 is up 0.1%.

Dow Jones Industrial Average (DJI) futures are under pressure this morning, after President Donald Trump said in an interview with CNBC that he's ready to put tariffs on essentially all imported goods from China. Trump also accused China and the European Union (EU) of "manipulating their currencies and interest rates lower," and tweeted that tightening from the Fed "hurts all that we have done" on the economic front. But while the S&P 500 Index (SPX) is ready to follow the Dow lower, Nasdaq-100 Index (NDX) futures are trading above fair value.

Outside of trade fears, the latest round of corporate earnings is highlighted by Microsoft's (MSFT) upbeat quarterly results, and former Dow stock General Electric (GE) is also in the earnings spotlight. Overall, the Dow and S&P will need to keep the losses in check if they want to close the week in positive territory.

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

• The airline stock flashing a sell signal ahead of earnings.
• Why this rallying retail stock could still be a buy.
• Analysts say to buy the dip on Alcoa stock. 
• Plus, a closer look at Microsoft's beat; a retailer rallying after earnings; and the healthcare stock that won't stop.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 1 million call contracts traded on Thursday, compared to 650,451 put contracts. The single-session equity put/call ratio rose to 0.62, while the 21-day moving average held at 0.61.
2. MSFT shares are set to open up 3.6% at record highs, after the company reported better-than-expected second-quarter earnings and an upbeat current-quarter outlook, citing extended strength out of its cloud business. The upside move would be good news for recent options traders, who were betting bullishly ahead of the event.
   
3. VF Corp (NYSE:VFC) is gaining after earnings, too, up 1.6% in electronic trading. The stock was already trading at all-time highs, gaining almost 58% in the past 12 months and recently bouncing from a bullish chart level.
4. Taking a look at another earnings winner, Intuitive Surgical, Inc. (NASDAQ:ISRG) is pacing for a fresh record high of its own, up 3.6% before the open. The surgical robotics specialists bested top- and bottom-line estimates, and it delivered 220 of its signature da Vinci systems during the period, compared to 166 in the second quarter last year.
5. The Baker-Hughes rig count is the lone economic report slated for today. Baker Hughes (BHGE), Cleveland-Cliffs (CLF), General Electric (GE), Honeywell (HON), Kansas City Southern (KSU), Schlumberger (SLB), Stanley Black & Decker (SWK), and SunTrust Banks (STI) will round out the week's earnings lineup. The quarterly reports will keep rolling in next week, with names like Facebook (FB), Boeing (BA), and Alphabet (GOOGL) set to unveil earnings.

Asian Stocks Gain

Most Asian benchmarks gained ground today, with China's Shanghai Composite closing up 2%, as the yuan bounced off an annual low.  Meanwhile, Hong Kong's Hang Seng added 0.8%, and South Korea's Kospi rose 0.3%. On the flip side, Japan's Nikkei shed 0.3%, after data showed inflation edged up last month.

European stocks are lower at midday, after Trump's latest tariff threat. Auto stocks and financial shares are leading the path lower, with the German DAX down 0.7%, the French CAC 40 off 0.6%, and London's FTSE 100 flirting with a 0.2% loss.

Stocks are cautiously higher today, with the Dow Jones Industrial Average (DJI) erasing early losses thanks to strong earnings results from Microsoft (MSFT). The blue chip's big day is helping offset bubbling trade tensions, after President Donald Trump threatened to put tariffs on essentially all imported goods from China. In addition, Trump levied accusations toward China and the European Union (EU) of currency manipulation -- comments that sent the dollar careening lower -- and once again went after the Fed on the pace of rate hikes. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also modestly higher today, while all three benchmarks are on track for weekly wins. 

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

• Trump's China comments overshadow Skyworks' earnings beat.
• The shoe stock getting destroyed today.
• Plus, options bears flocking to FCAU stock; Cleveland-Cliffs toasts an earnings beat; and PTC Therapeutics inks a big deal.

One name seeing notable options trading today is Fiat Chrysler Automobiles NV (NYSE:FCAU), where more than 4,500 puts have traded -- four times what's typically seen at this point, and volume pacing for the 97th percentile of its annual range. Leading the charge today is the August 18 put, with over 3,300 contracts exchanged, and new bearish positions being opened. FCAU is down 1.6% to trade at $19.21 today, likely lower amid concerns over tariffs for European automakers.

Cleveland-Cliffs Inc (NYSE:CLF) is a notable outperformer so far today, up 9.6% to trade at $9.68, and earlier touching a two-year high of $9.69, after the steel giant reported second-quarter earnings that exceeded expectations. CLF has now added 34% in 2018. 

PTC Therapeutics, Inc. (NASDAQ:PTCT) is one of the best stocks on the Nasdaq today, up 7.2% to trade at $39.10, after the drug name inked a deal to buy Agilis Biotherapeutics in an attempt to expand its gene therapy pipeline. PTCT stock has more than doubled in 2018, guided higher by its ascending 80-day moving average. 

Stocks slipped into the red at the open, and spent the whole session trading lower. While negative earnings reactions for American Express (AXP) and Travelers (TRV) kept the Dow from extending its daily win streak, renewed trade tensions between the U.S., China, and the European Union also created headwinds. The risk-off backdrop was only stoked by President Donald Trump, who said in an interview with CNBC that he's "not thrilled" with rate hikes -- a rare criticism of the Fed by a president.

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

• This VIX options signal points to a possible volatility spike.
• Options bulls blasted this outperforming Dow stock.
• Squashed Amazon rumors gave Cisco (CSCO) a boost.
• Plus, a heavily shorted airline stock; 2 big Square stock price targets; and pre-earnings call volume was hot on this retailer.

The Dow Jones Industrial Average (DJI - 25,064.50) closed not far from its session lows, down 134.8 points, or 0.5%. Twenty-two Dow stocks fell, led by a 3.7% drop for TRV. IBM (IBM) paced the eight advancers, adding 3.3%.

The S&P 500 Index (SPX - 2,804.49) briefly dipped below 2,800, before paring its loss to 11.1 points, or 0.4%. The Nasdaq Composite (IXIC - 7,825.30) surrendered 29.1 points, or 0.4%.

The Cboe Volatility Index (VIX - 12.87) added 0.8 point, or 6.4%.

5 Items on Our Radar Today

1. Merck (MRK) said it will slash the price of its hepatitis C drug, Zepatier, by 60%, while lowering the cost of a number of other drugs by 10%, and said it will raise its average drug price by a percentage not to exceed the annual rate of inflation. This follows ongoing criticism by Trump over drug prices, with the president most recently taking aim at Pfizer (PFE). (MarketWatch)
2. Regulators are reviewing last year's second-quarter regulatory filing from Wells Fargo (WFC) that disclosed add-on products, including identity theft monitoring, to see whether customers were aware they were receiving the services. According to Dow Jones, the big bank is preparing to make significant refunds to customers as a result. (CNBC)
3. Short interest is at a record high on this airline stock ahead of earnings.
4. Square stock hit a new peak today after receiving a pair of upbeat price targets.
5. Ahead of tomorrow's earnings report, this retailer saw heavy call trading.

Data courtesy of Trade-Alert

Saudi Arabia Supply Buzz Boosts Oil Prices

Oil prices climbed for a third straight day, on reports Saudi Arabia is willing to curb exports to reduce the risk of oversupply. Crude for August delivery finished the session up 70 cents, or 1%, at $69.46 per barrel.

Gold came off its session lows after Trump chimed in on interest rates, but still finished the session with a loss. At the close, August-dated gold was down $3.90, or 0.3%, to settle at $1,224 an ounce -- the lowest close for a most-active contract since last July.

It was a wild day on Wall Street, as an onslaught of headlines surrounding President Donald Trump played tug-of-war with a round of positive earnings reactions. While the Dow slumped to its session lows out of the gate on Trump's latest tariff threats and fresh calls of currency manipulation, it swung higher near midday on strong Microsoft earnings. However, the volatile trading was confined to intraday action, with the blue-chip index settling right near breakeven to string together a third straight weekly win.

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

• It could be time to buy calls on this red-hot drug stock.
• This retailer rallied to record highs after earnings.
• Plus, a brow-raising bear note for Tesla; Wynn options bulls pay up; and trade concerns kept this Apple supplier in the red.

The Dow Jones Industrial Average (DJI - 25,058.12) spent time on both sides of breakeven, before closing down 6.4 points, or 0.03%. Seventeen Dow stocks settled at a loss, paced by a 1.9% drop for IBM (IBM). Microsoft (MSFT) led the 13 advancers with its 1.8% gain. For the week, the Dow added 0.2%.

The S&P 500 Index (SPX - 2,801.83) shed 2.7 point, or 0.09%, but ended 0.03% higher on the week -- and managed its first back-to-back weekly closes north of 2,800 since January. The Nasdaq Composite (IXIC - 7,820.20) gave back 5.1 points, or 0.07%, bringing its weekly loss to 0.09%.

The Cboe Volatility Index (VIX - 12.86) settled down 0.01 point, or 0.08%. On a weekly basis, VIX rose 5.6%.

5 Items on Our Radar Today

1. General Electric (GE) reported adjusted second-quarter earnings of 19 cents per share on $30.1 billion in revenue -- above the 17 cents per share and $29.3 billion in revenue analysts were expecting. And while the former Dow stock retreated on downwardly revised free cash flow guidance, it found a trusty foothold at the $13 mark. (Reuters)
2. Financial firm State Street (STT) said it will buy Charles River Development for $2.6 billion. However, in order to fund the all-cash transaction, the company said it would halt its $950 million stock buyback program through the end of 2018. Shares of STT closed at their lowest point since June 2017. (CNBC)
3. J.P. Morgan Securities reiterated its harsh downside target for Tesla stock.
4. Premium on Wynn Resorts stock call options is rich at the moment.
5. An upbeat earnings report couldn't save this Apple supplier from trade-related headwinds.

Data courtesy of Trade-Alert

Oil, Gold Rise as Dollar Cools

Oil prices gained ground today, as Trump's comments on trade and interest rates pressured the dollar. Crude futures for August delivery rose $1.00, or 1.4%, to settle at $70.46 per barrel -- but ended with a 0.8% weekly loss. Meanwhile, the now front-month September contract closed up 2 cents at $68.26 per barrel.

Gold closed higher, as the greenback cooled. August-dated gold added $7.10, or 0.6%, to settle at $1,231.10 an ounce -- but shed 0.8% on the week.

Stocks are mostly lower to kick off the week, as investors remain on the sidelines ahead an onslaught of big-name earnings reports, starting with Google parent Alphabet (GOOGL) after the close. While bank stocks are helping the S&P 500 Index (SPX) climb out of the red, the Dow Jones Industrial Average (DJI) is pacing for a third straight drop, and the tech-rich Nasdaq Composite (IXIC) is headed for its fourth straight decline, with Amazon (AMZN) shares lower following another Twitter tirade from President Donald Trump. The president once again took aim at Amazon's shipping practices, calling the U.S. Post Office the company's "delivery boy," and threatening antitrust action. Trump's morning tweetstorm also included threats against Iran, sending oil prices modestly higher. At last check, September-dated crude futures were up 40 cents, or 0.6%, at $68.63 per barrel.  

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

• 2 auto stocks lower after surprise CEO shakeups.
• The report sinking Tesla stock today.
• Plus, options bulls bet on more Goldman Sachs stock momentum; Mattel stock jumps with Hasbro; and Micron stock pulls back.

One name seeing notable options trading today is Goldman Sachs Group Inc (NYSE:GS), where more than 23,000 calls have traded -- 1.7 times what's typically seen at this point, and volume pacing for the 94th percentile of its annual range. Leading the charge today is the weekly 7/27 235-strike call, with over 2,600 contracts exchanged, and new bullish positions being opened. Shares of the banking giant are up 1.1% to trade at $234.18 today -- set to topple their 60-day moving average for the first time since March -- as financial stocks buck the broad-market decline.

Mattel, Inc. (NASDAQ:MAT) is one of the best stocks on the S&P 500 today, up 4.1% to trade at $16.64, likely getting a halo lift from sector peer Hasbro (HAS) and its earnings beat. Mattel stock has now bounced from its 200-day moving average, a trendline that served as a ceiling earlier in the year but has provided a floor since early June. Overall, MAT now sports a 8% lead in 2018.

Micron Technology, Inc. (NASDAQ:MU) is one of the worst stocks on the Nasdaq today, down 3.3% to trade at $53.22, a part of a broader semiconductor sector pullback. Morgan Stanley analysts said the "present tariff-related uncertainty ... could represent the demand shock that leads to an inventory unwind in the semi supply chain." The drop has Micron stock testing its 120-day moving average, a trendline that caught a pullback earlier in July. Overall, MU has added nearly 29% in 2018.

Dow Jones Industrial Average (DJI) futures are trading slightly below fair value this morning, as stocks look set for a lower open. Traders may take a wait-and-see approach before a handful of earnings releases from big tech firms, with Google parent Alphabet (GOOGL) set to report after the close today, followed by Facebook (FB) and Amazon (AMZN) in the coming days.

Elsewhere, oil prices are higher due to escalating tensions between the U.S. and Iran, after President Donald Trump tweeted that the Middle Eastern nation will "suffer consequences the likes of which few throughout history have ever suffered before," should its president ever threaten the U.S. again. September-dated crude futures were last seen up 90 cents, or 1.3%, at $69.12 per barrel.

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

• Options traders bet on a 68% Tesla stock decline.
• How options players are trading Alphabet earnings.
• Plus, Hasbro earnings impress; Paper John's eyes more downside; and a red-hot IPO.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 1.35 million call contracts traded on Friday, compared to 895,449 put contracts. The single-session equity put/call ratio rose to 0.66, while the 21-day moving average ticked up to 0.62.
2. Hasbro, Inc. (NASDAQ:HAS) stock is trading up almost 12% before the opening bell, after the company beat top- and bottom-line estimates with its second-quarter results. HAS shares recently took back positive year-to-date territory after bottoming near $80 back in April, and most of Wall Street has actually remained bullish on the toymaker despite the Toys 'R' Us bankruptcy, with the majority of covering analysts calling it a "strong buy."
   
3. Papa John's International, Inc. (NASDAQ:PZZA) stock is down 5% in electronic trading, amid reports the company will adopt a poison pill strategy to limit the power of ousted founder John Schnatter. Plus, Stifel downgraded PZZA stock to "sell" because its checks indicate sales have been hurt in recent weeks amid negative headlines.
4. Medical marijuana stock Tilray Inc (NASDAQ:TLRY) looks set to keep blazing a path higher, up 9% in pre-market trading. TLRY began trading on Thursday near $23 -- vs. an initial public offering (IPO) price of $17 -- and jumped to as high as $31.80 on Friday before closing near $29.77.
5. Existing home sales are due today. Earnings from Halliburton (HAL), PetMed Express (PETS), Steel Dynamics (STLD), and Whirlpool (WHR) will be released, as well.

Financial Stocks Lift Shanghai Composite

It was a mixed finish in Asia today, as the U.S. dollar weakened against a basket of global currencies. Tokyo stocks got hit the worst, with Japan's Nikkei sinking 1.3%, as the yen strengthened on reports the Bank of Japan could be considering adjusting its current monetary policy. South Korea's Kospi also closed lower, shedding 0.9%, as blue-chip tech shares Samsung Electronics and SK Hynix plunged. On the flip side, China's Shanghai Composite added 1.1% on surging financial stocks, while Hong Kong's Hang Seng added 0.1%.

European markets are lower at midday, as auto stocks sink on news of the unexpected resignation of Fiat Chrysler CEO Sergio Marchionne. The leisure sector is also on the decline, amid a negative earnings reaction for Dublin-based airline name Ryanair. At last check, the French CAC 40 is down 0.5%, while the German DAX and London's FTSE 100 are each flirting with a 0.2% loss.

Headlines surrounding President Donald Trump swirled around Wall Street today, with the president's tweets blasting Amazon (AMZN), the U.S. Postal Service (USPS), and Iran. The busy news cycle had little effect on the broader market, though, as traders caught their breath ahead of this week's onslaught of corporate earnings reports. After exploring a nearly triple-digit range on both sides of breakeven, the Dow closed just below the flatline. The S&P 500, on the other hand, settled with a win, as a rally in financial stocks on the back of a rising 10-year Treasury yield offset a third straight drop in existing home sales.

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

• Hasbro shocked Wall Street with its earnings report.
• Analyst: This stock is cheap compared to Netflix.
• This tobacco stock is ripe for a bearish options trade.
• Plus, a bull note for Apple; Papa John's plummets again; and the booming cloud stock with cheap options.

The Dow Jones Industrial Average (DJI - 25,044.29) closed down 13.8 points, or 0.06%. Sixteen Dow stocks finished in negative territory, led by a 1.5% drop for 3M (MMM). JPMorgan Chase (JPM) paced the 13 advancers with its 1.9% pop, while Exxon Mobil (XOM) was unchanged.

The S&P 500 Index (SPX - 2,806.98) closed up 5.2 points, or 0.2%. The Nasdaq Composite (IXIC - 7,841.87) outperformed its peers, adding 21.7 points, or 0.3%.

The Cboe Volatility Index (VIX - 12.62) shed 0.2 point, or 1.9%.

5 Items on Our Radar Today

1. Oilfield services operator Halliburton (HAL) reported in-line second-quarter earnings of 58 cents per share on $6.1 billion in revenue -- but the stock fell on concerns over lower third-quarter numbers amid bottlenecks in crude production and expectations for a slowdown in the Permian Basin. (Reuters)
2. DIY website Pinterest is reportedly closing in on $1 billion in ad sales, with secondary markets now valuing the company at $13 billion to $15 billion. The social media name is expected to go public in mid-2019. (CNBC)
3. Apple stock saw its price-target hiked today on buyback optimism.
4. News of a poison pill sent Papa John's (PZZA) spiraling to fresh lows.
5. This booming cloud stock currently has relatively cheap options premiums.

Data courtesy of Trade-Alert

Oil Erases Gains as Dollar Strengthens

Oil prices erased an early lead that was sparked by Trump's Iran tweet, as the U.S. dollar strengthened. Crude for September delivery closed down 37 cents, or 0.5%, at $67.89 per barrel.

The greenback also pressured gold futures today. At the close, August-dated gold was down $5.50, or 0.5%, at $1,225.60 an ounce.