Dow Continues Recovery as Tech Stocks Rally
The U.S. has extended a temporary reprieve to Huawei
The Dow Jones Industrial Average (DJI) has tacked on nearly 265 points at midday,amid news that the U.S. will offer a 90-day reprieve to Huawei, allowing the Chinese company to buy from American suppliers. Today's gain is led by Apple (AAPL), which is surging after a discussion between President Donald Trump and CEO Tim Cook, in which Trump said Cook made a "good case" against the imposition of additional tariffs on Chinese goods. Elsewhere, traders are cheering a rebound in Treasury yields, and China's key interest rate reformto lower borrowing costs. Against this backdrop, the tech-rich Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) are also in the black.
Continue reading for more on today's market, including:
The food service stock scaling the NYSE on activist interest. 2 retail stocks raking in bullish analyst notes today. Plus, option bulls hop on RIG stock; DPW quadruples; and PCG stock plummets on bankruptcy buzz.
Energy stock Transocean Ltd (NASDAQ:RIG) is seeing an influx of bullish activity in the options pits today. So far, 18,000 calls have crossed the tape -- double the intraday average -- compared to fewer than 5,000 puts. The most popular is the September 5 call, followed by the weekly 9/6 4.50-strike call, with positions being bought to open at the latter. The stock is up 9.1% to trade at $4.58, though the catalyst for the surge in unclear.
DPW Holdings Inc (NYSEAMERICAN:DPW) is a top stock on Wall Street today, with the shares more than quadrupling on a subsidiary's relaunch of its investment portal, Monthlyinterest.com. The shares are up 379.1% at $9.87, at last check, eyeing their first close atop the 100-day moving average in 18 months.
One of the worst performers on Wall Street today is PG&E Corporation (NYSE: PCG), which came under fire today after a federal judge's ruling that the company could retain sole rights to its bankruptcy claim. The judge also said the company mmust face a jury trial in California over the 2017 Tubbs fire. The stock is down 26.9% at $10.43, and pacing for its biggest one-day percentage drop since January.