S&P Set for Four Straight After Record High
The Nasdaq is also comfortably higher
The Dow Jones Industrial Average (DJI) is kicking off the week with big gains -- up triple digits at midday -- but is ceding the spotlight to the S&P 500 Index (SPX), which just nabbed a new all-time high of 3,044.08 and is cruising toward its fourth straight win. The Nasdaq Composite (IXIC) is is nearing its own record highs and four-day winning streak, as investors digest the latest batch of corporate reports, including the latest quarterly figures fromSpotify Technology (SPOT). Hopes for a U.S.-China trade deal are also bolstering stocks, as well as expectations for another Fed rate cut this week.
Continue reading for more on today's market, including:
Tiffany options are red-hot following a LVMH bid.One analyst is betting big on this Chinese stock before earnings.Plus, calls pop on Walgreens Boots Alliance post-earnings; a new bottom for PG&E stock; and AT&T breaks out after an earnings beat.
One name seeing heightened options volume today is Walgreens Boots Alliance Inc (NASDAQ:WBA), with more than 21,000 call options crossing the tape so far -- six times the average intraday amount and four times the number of puts traded. There are new positions being opened at the weekly 11/1 56.50-strike call, but there is also notable activity at the weekly 11/1 60-strike call, though much of that action crossed on the bid side, hinting at seller-driven volume after the company's earnings report.
Utility name PG&E Corporation (NYSE:PCG) continues to flounder in the wake of the California wildfires, down 23.2% to trade at $3.84 today, and earlier nabbing a record low of $3.55. The company said it could take more than 48 hours to restore power to the 940,000 impacted customers. This is shaping up to be PCG's third straight daily loss of 10% or more, and fourth straight weekly loss.
AT&T Inc. (NYSE:T) is one of the best stocks on the S&P 500 today, up 4.7% to trade at $38.79, and earlier scoring an annual high of $38.86. The telecommunications giant reported third-quarter earnings that topped analyst estimates, while also announcing a three-year growth plan that includes selling up to $10 billion in assets. T is now up almost 36% year-to-date, and saw a pullback last week neatly contained by its 50-day moving average.
