S&P Hits New High on Trade Tailwinds
The semiconductor sector is a big winner from the U.S.-China trade truce
The Dow Jones Industrial Average (DJI) is enjoying outsized gains today, as Wall Street reacts to a U.S.-China trade truce. Fresh off its best month in years, the blue-chip index neared new highs earlier, but lost steam after data from the Institute for Supply Management showed U.S. manufacturing grew in June at the slowest pace in more than two years. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are comfortably in the black, as well, with the former toppling a key level to hit a record intraday peak, and the latter fueled by a banner day from the semiconductor sector, which is cheering eased business restrictions on Huawei.
Continue reading for more on today's market, including:
Why Applied Materials is one of the best chip stocks today.Bad weather is raining on this boat stock's parade.Plus, options traders set a floor for Bausch Health; Wynn Resorts gets a Macau boost; and Freeport-McMoRan warns of a second-quarter loss.
Bausch Health Companies Inc (NYSE:BHC) is seeing accelerated options trading today. Nearly 10,000 options have traded, 1.1 times what's typically seen. The July 23.50 put is active today, and it looks like new positions are being sold to open. At last check, BHC was up 1.1% to trade at $25.48, so put sellers expect the red-hot drug stock to hold above the strike price over the next few weeks.
Wynn Resorts, Limited (NASDAQ:WYNN) is one of the best stocks on the S&P today, as the casino sector pops on upbeat Macau gaming revenue for June. WYNN is up 6.7% at $132.35, climbing north of its 50-day moving average for the first time since mid-May.Freeport-McMoRan Inc (NYSE:FCX) is near the bottom of the New York Stock Exchange (NYSE) today, down 4.6% to trade at $10.96, after the mining company said it expects to post a second-quarter loss due in part to lower gold production. FCX had rallied off its late-May lows below $10, but was stifled by its 160-day moving average.
