Dow Falls as Manufacturing Data Adds to Trade Fears
U.S. manufacturing PMI data for May was the worst since 2009
The Dow Jones Industrial Average (DJI) is lower again as the trade picture seemingly gets murkier by the day. With concerns swirling about U.S.-China trade talks, or lack thereof, the tech sector is getting hammered, while the energy space is also struggling during a sell-off in oil prices. July-dated crude was last seen down 5.2% at $58.20 per barrel, falling alongside equities in part because the IHS Markit's manufacturing purchasing managers index (PMI) for the U.S. fell to its lowest level since 2009 in May.
Continue reading for more on today's market, including:
25 stocks for a short-term option bull. AK Steel's surprising $1 price target. Plus, Starbucks put buying; don't fall for LB's move; and an analytics stock taking a dive.
There's unusual put trading on Starbucks Corporation (NASDAQ:SBUX) today, as some bears bet a quick retreat. New positions are opening at the weekly 5/31 73.50- and 74-strike puts, which expire at the close next Friday, May 31. SBUX stock was last seen trading down 0.7% at $76.72, still holding near last week's record high of $79.65, with a year-to-date gain of roughly 19%.
On the surface, retail stock L Brands Inc (NYSE:LB) is one of the best performers today, up 15.5% at $24.84. The owner of Victoria's Secret and Bath & Body Works reported a surprise quarterly profit, driven bystrength at the latter business. However, LB stock's long-term pattern is certainly still to the downside, as it hit a roughly nine-year low of $21.47 just yesterday.
