Stocks Drop from Records Despite Trade Deal
Stocks hit record highs early but have since turned red
Stocks are lower today despite the U.S. and China agreeing to a phase one trade deal. Details from the deal -- which still needs to be signed -- include the Trump administration rolling back some of the existing tariffs on China, while China plans to increase agricultural purchases from the U.S. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) hit record highs early on, but all three indexes have since turned lower.
Continue reading for more on today's market, including:
One name seeing unusual options trading is UnitedHealth Group Inc (NYSE:UNH), as the stock earlier hit an annual high of $287.81, up 0.7% on the day. Calls and puts are both crossing at an accelerated rate; there are new positions opening at the weekly 12/13 290-strike call, with some traders possibly betting on more upside through today's close when the contracts expire. New positions are also opening at the weekly 12/13 285-strike put.
One of the best stocks today is Synaptics, Incorporated (NASDAQ:SYNA), getting a boost after Susquehanna suggested the company could have won a contract with Apple (AAPL). SYNA was last seen up 9.1% at $64.73, already hitting a three-year high of $65.49. The shares have more than doubled in the past six months.
One of the worst stocks today is Nextgen Healthcare Inc (NASDAQ:NXGN), as the shares extend yesterday's sell-off, sparked by the company's announcement that it's buying OTTO Health. The healthcare technology stock is down 11.7% today at $14.85, with Deutsche Bank's price-target cut to $12 applying additional pressure.
