Dow Resumes Slide Ahead of G-20 Summit
White House advisor Peter Navarro could join Trump and Xi
The Dow Jones Industrial Average (DJI) is down at midday, as stocks react to news White House advisor Peter Navarro will attend a dinner between U.S. President Donald Trump and China President Xi Jinping at this weekend's G-20 summit. This is offsetting big gains for Boeing (BA) and McDonald's (MCD), which are the two best Dow stocks on the back of some bullish brokerage attention. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are lower, too, with all three major indexes set to snap their three-day win streaks.
Continue reading for more on today's market, including:
Tonix Pharmaceuticals stock has almost doubled on a major regulatory win.Embattled Micron stock can't capitalize on upbeat earnings outlook. Plus, ANF options hot after earnings; Dollar Tree chimes in on tariffs; and the healthcare stock at the bottom of the S&P.
Abercrombie & Fitch Co. (NYSE:ANF) is seeing unusual options activity today, with 21,000 calls and 13,000 puts on the tape -- 17 times what's typically seen, and a new annual high. Most active is the December 22 put, where some of the activity is likely tied to stock, according to Trade-Alert. Elsewhere, buy-to-open activity has been detected at the weekly 11/30 22-strike call, which expires tomorrow. ANF stock is up 17.2% at $20.06, after the retailer's strong third-quarter results and holiday same-store sales forecast.
Dollar Tree, Inc. (NASDAQ:DLTR) is at the top of the S&P 500 today, after the discount retailer said any impact from tariffs will be minimal this year. This is offsetting DLTR's disappointing third-quarter same-store sales and downwardly revised full-year revenue guidance. At last check, the retail stock is up 4.8% to trade at $87.33.
Quest Diagnostics Inc (NYSE:DGX) is the worst SPX stock at midday, after the lab testing firm cut its full-year revenue forecast, citing the impact of several extreme events, including Hurricane Michael and the California wildfires. A price-target cut to $106 from Baird is only exacerbating headwinds, with DGX stock off 9.3% to trade at $87.94 -- slicing through recent support near $92 to hit a two-year low of $87.50.