Stocks Lower After Trump Signs Tax Bill
U.S. stocks are trading in a tight range ahead of the Christmas holiday, with the Dow Jones Industrial Average (DJIA) last seen modestly lower on a negative earnings reaction for Nike (NKE). The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also below breakeven, following lackluster economic data that includes a smaller-than-expected rise in durable goods orders last month and a lower-than-forecast final reading on the University of Michigan's consumer sentiment index for December. And though all three indexes are down after President Donald Trump signed the GOP tax bill into law, they remain on track for a weekly win.
Continue reading for more on today's market, including:
Avoid this FAANG stock next week.3 stocks sinking with bitcoin.Plus, Viacom call options pop; another bitcoin bomber; and WWE stock gets a beat down.
Among the stocks with unusual options volume isMTV owner Viacom, Inc. (NASDAQ:VIAB), with more than 14,000 calls traded -- 19 times what's typically seen at this point in the day. More than 86% of the day's call volume has centered at the January 2018 32 strike, and it seems safe to assume new positions are being purchased. At last check, VIAB stock was up 0.8% at $32, after being booted from the Nasdaq-100 Index (NDX) earlier this week.
Net Element International Inc (NASDAQ:NETE) is near the bottom of the Nasdaq, as the mobile payments stock drops alongside bitcoin. NETE stock surged to an annual high of $33.51 yesterday, on news the company was creating a blockchain technology division. Today, the shares have plunged 18% to trade at $15.38, but appear to be finding support near their February highs.
One of the biggest decliners on the New York Stock Exchange (NYSE) is World Wrestling Entertainment, Inc. (NYSE:WWE). WWE stock is down 7.1% to trade at $29.61, after CEO Vince McMahon sold around 3.3 million shares to fund a separate media venture. A downgrade to "neutral" at Citigroup is only pouring salt on the proverbial wound.