Dow Eyes Best Day Since June on Trade Talk Optimism
President Trump will meet with China's vice premier later today
The Dow Jones Industrial Average (DJI) is cruising toward its third straight winin style today, up over 450 pointsas Wall Street cheers encouraging U.S.-China trade talk developments. The blue-chip index is gunning for its best single-session gain since June 4, after President Donald Trump -- who will meet with Chinese Vice Premier Liu He this afternoon -- tweeted that "good things are happening" on the trade front, and this week's talks have "warmer feelings than in recent past." The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also heading toward their third straight win, while the Dow and S&P are set to snap a three-week losing streak.
Continue reading for more on today's market, including:
Goldman: Dump this cybersecurity stock now.Slack Technologies stock is rallying today after upbeat metrics.Plus, calls pop amid MTCH/IAC split news; Newmont Goldcorp sitting out today's rally; and a chip stock rallying on trade tailwinds.
One name seeing heightened options volume today is Match Group Inc (NASDAQ:MTCH), with 18,000 calls crossing the tape so far -- 10 times the average intraday amount, and volume pacing for the 100th percentile of its annual range. Leading the charge are the November 85 and 75 calls, where new spread positions are being opened. The dating services stock is down 1.8% to trade at $74.67 today, as IAC/InterActiveCorp (IAC) proposes spinning off its ownership stake in Match.
One stock sitting out today's rally is Newmont Goldcorp Corp (NYSE:NEM), down 2.6% to trade at $37.98, as gold prices pull back amid lessened demand for "safe haven" assets. Newmont Goldcorp stock has spent October consolidating below the $39 level, but today's drop has found support at its 100-day moving average.
Thanks to the China trade optimism, tech stocks are rising today, including chip name Xilinx, Inc. (NASDAQ:XLNX), up 4.4% to trade at $96.87. XLNX has spent the past three months chopping lower -- down 19% in that timeframe -- due to high exposure to U.S.-China trade headlines. Should today's price action hold, though, Xilinx stock will have toppled its 20-day moving average for the first time on a closing basis in over three weeks.