Stocks Stick Close to Breakeven as Traders Await Fed Minutes
The Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) have been sticking close to breakeven today, in anticipation of the soon-to-be released Fed meeting minutes, which could provide clues to a possible December interest rate hike. Against this backdrop, the major equity indexes have wavered between small gains andlosses, with stocks cooling their jets after yesterday's round of new record highs.
Continue reading for more on today's market, including:
Analyst: This year'sworst Dow stock is set to get even worse.2 social media stocks garnering bullish attention.Plus, McDonald's new highs; the biggest Big Board gainer; and Hudson's ugly guidance.
Among the stocks with unusual options volume is fast food powerhouse McDonald's Corporation (NYSE:MCD), with nearly 10,000 call options traded -- two times the average intraday norm, and pacing for the 93rd percentile of its annual range. MCD's calls are outpacing puts more than 2-to-1, with traders buying to open December 160 calls on bullish commentary from Cleveland Research, according to Trade-Alert. Earlier today, MCD stock hit a record high of $163.24, and was last seen trading up 1.3% at $162.73.
The biggest gainer on the New York Stock Exchange (NYSE) is precious metals concern Pretium Resources Inc (NYSE:PVG). The shares of PVG are moving higher after the company said its Brucejack Mine produced more gold than expected in the third quarter. At last check, PVG was trading up more than 21% at $11.73.
One of the worst stocks on the Nasdaq today is refrigerant service company Hudson Technologies, Inc. (NASDAQ:HDSN), with the shares down 13% at $6.62, after the company issued weak third-quarter guidance. The shares have dropped more than 17% year-to-date, and have fallen 36% since touching a 20-year high of $10.40 on Aug. 10.
