Stocks Trade Higher Ahead of Fed Decision
The Dow is eyeing a second straight win at midday
The Dow Jones Industrial Average (DJI) is gaining for the second straight day, as Caterpillar (CAT) pops on the latest trade news. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher, as well, though today's gains are coming amid low trading volume, with traders taking a wait-and-see approach before the Fed's policy decision this afternoon and a subsequent press conference from Fed Chair Jerome Powell. In the meantime, Wall Street is also keeping an eye on oil prices, with January crude futures up 3.1% at $47.65 per barrel.
Continue reading for more on today's market, including:
The cautious analyst note putting chip stocks on notice. Under Armour just flashed a bullish signal. Plus, Fitbit call options popular; a not-so-huge earnings winner; and FedEx hits new low.
There's been heavy call activity on Fitbit Inc (NYSE:FIT) today, with traders targeting the January 2019 6-strike calls. Most activity here has taken place at the ask price, hinting at potential buy-to-open activity -- though this strike was home to high open interest coming into today. FIT shares were last seen trading up 2% at $5.18, meaning these option bulls would be betting on a 15.8% rise in the weeks ahead for the fitness band maker.
One huge winner on the Big Board today is RV manufacturer Winnebago Industries, Inc. (NYSE:WGO). The company produced strong fiscal first-quarter results, sending the stock up 12.9% at $22.54, but today's move is nothing compared to the equity's long-term slide. In the past year, WGO stock has shed more than 60%.
