Dow Swings Higher on Blue-Chip Strength
The Nasdaq, meanwhile, is still in the red
The Dow Jones Industrial Average (DJI) was down triple digits earlier, as a fresh set of trade fears emerged after the Chinese government released a critical white paper over the weekend. The big-cap index has since swung to a 67-point lead on strong gains for several blue chips, including Merck (MRK), Verizon (VZ), and Walgreens Boots Alliance (WBA). And while the S&P 500 Index (SPX) is higher, too, despite a disappointing batch of manufacturing data, the Nasdaq Composite (IXIC) is still in the red, as stiff losses for Google parent Alphabet (GOOGL) drag on the broader tech sector.
Continue reading for more on today's market, including:
2 heavily shorted solar stocks hit with bear notes.Why this cancer stock is up 55% today.Plus, option bull sees more upside for Uber; a surging chip stock; and Centene slumps.
Uber Technologies Inc (NYSE:UBER) is seeing unusual options trading today, with 28,000 calls traded so far -- double what's typically seen at this point, and four times the number of puts on the tape. Following Friday's positive earnings reaction, UBER stock is up 2.8% at $41.56, and one options trader likely bought to open 2,000 weekly 6/7 44-strike calls for 30 cents apiece, to bet on even more upside through this Friday's close. For the sake of comparison, Uber priced its initial public offering at $45 per share on May 9.
Advanced Micro Devices, Inc. (NASDAQ:AMD) is making a notable move higher today, after the chipmaker will allow Samsung Electronics to use its graphics intellectual property in mobile devices as part of a multi-year deal. AMD stock is up 5.2% to trade at $28.84, extending a recent bounce off its 50-day moving average.
Centene Corp (NYSE:CNC) is at the bottom of the S&P 500 Index (SPX) this afternoon, following reports insurance giant Humana (HUM) will not make a buyout bid for the healthcare firm. CNC stock is down 9% at $52.54, breaching recent support at its 20-day moving average.