Dow, Nasdaq Continue Climb on Factory Data, FAANG Stocks
Traders are cheering strong data from the U.S. and China
The Dow Jones Industrial Average (DJI) is up more than 250 points at midday, on lingering optimism over this morning's encouraging Chinese manufacturing data. Echoing that, U.S. manufacturing activity rebounded in March, per the latest data from the Institute for Supply Management (ISM), while February construction spending increased. As such, traders continue to shrug off a surprise drop in retail sales in February. The Nasdaq Composite (IXIC) is also getting a lift from outperforming FAANG stocks including Amazon (AMZN) and Facebook, while thefinancial sector has the S&P 500 Index (SPX) in the black. Elsewhere, Wall Street looks ahead to more trade talks between the U.S. and China, which will continue this week. China's State Council said over the weekend the country would continue the suspension of tariffs on American vehicles after April 1, as an olive branch amid negotiations.
Continue reading for more on today's market, including:
The blue chip analysts are turning bullish on. This outperforming shipping stock just landed a Berenberg bull note. Plus, Ford stock pops; the drugmaker soaring on cancer data, and Comscore's CEO steps down.
Automaker Ford Motor Co (NYSE:F) is sporting unusual options volume today, with roughly 60,000 callsacross the tape so far -- about three times the average intraday volume. Much of activity is transpiring around the April 8 call, where over 16,000 contracts have changed hands. Meanwhile, F shares are up 2.7% at $8.97. The equity is set to close atop its 160-day moving average for the first time since last June, when Ford was flirting with annual highs.
Advaxis, Inc. (NASDAQ:ADXS) is one of the top stocks on the Nasdaq today, after the drugmaker released data that showed prolonged survival in patients who used its prostate cancer treatment in combination with Merck's (MRK) Keytruda. In response, ADXS is up 33.9% at $7.91, at last glance.The equity earlier touched a 2019 peak of $10.80, but has since backpedaled beneath its 160-day moving average.
Software concern Comscore, Inc. (NASDAQ:SCOR) is one of the worst performers on the Nasdaq, marking its fourth straight session in the red, after CEO Bryan Wiener unexpectedly resigned, after less than a year in the position. The company's president, Sarah Hofstetter, also announced that she was stepping down. The stock was last seen down 21.3% at $15.94, pacing for its worst day since February 2017.