S&P, Nasdaq Hit New Highs Ahead of Senate Shutdown Vote
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both jumped to record highs today, despite uncertainty surrounding the government shutdown. While Senate Majority Leader Mitch McConnell has scheduled a vote this afternoon, the latest reports suggest there's no guarantee Democrats and Republicans will strike a deal. Investors are also digesting big healthcare M&A news and looking ahead to the latest batch of fourth-quarter earnings reports, with Netflix (NFLX) results dueafter the close. The Dow Jones Industrial Average (DJI) is flirting with positive territory, too, despite Apple stock's downgrade and a new six-year low for General Electric (GE).
Continue reading for more on today's market, including:
How Goldman halted the momentum of one cybersecurity stock. The biotech on track for its best trading day in months on strong cancer drug data. Plus, Align Technology shareholders hedge their bets; Wynn Resorts soars again; and a sinking airline stock.
One stock seeing unusual options activity today is Invisalign parent Align Technology, Inc. (NASDAQ:ALGN). Put volume has already surpassed the daily average, thanks to heavy buying at the February 250 put. But considering ALGN shares are up 190% over the past year to trade at $265.31, these out-of-the-money contracts are likely being initiated by shareholders seeking a downside options hedge.
Casino stock Wynn Resorts, Limited (NASDAQ:WYNN) is once again outperforming on the Nasdaq, last seen trading 5.5% higher at $189.56, and earlier tapping a three-year high of $189.80. The strong move comes after the company announced better-than-expected fourth-quarter earnings. Of course, this is nothing new from WYNN stock, which has more than doubled over the past 12 months.
Meanwhile, discount flight provider Spirit Airlines Incorporated (NYSE:SAVE) is sharply lower today, trading down 4.1% at $43.35, on no apparent news. The shares have been pulling back since closing above $48 back on Jan. 12, a price point that corresponds with SAVE's July 2017 bear gap.
