Stocks Mixed as Trump Takes Aim at Fed
U.S.-China trade talks are set to resume tomorrow
The Dow Jones Industrial Average (DJI) is modestly higher at midday, as Wall Street gears up for Wednesday's Fed decision and another week of corporate earnings. While the blue-chip index clings to gains, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the red, pulling back from Friday's record highs as tech stocks take a hit. Ahead of the Fed's expected 25-basis-point cut, President Donald Trump took to Twitter to criticize the central bank, saying "a small rate cut is not enough." Elsewhere, trade talks between the U.S. and China are set to resume tomorrow.
Continue reading for more on today's market, including:
Analyst: This drug stock is a top pick.Under Armour calls are hot ahead of earnings.Plus, heightened call activity on GRUB ahead of earnings; Mylan breaks out on Pfizer merger; and new lows for Tata Motors.
GrubHub Inc (NYSE:GRUB) is seeing accelerated options trading today. More than 8,700 calls have traded -- seven times what's typically seen at this point in the day, and on pace for the 98th percentile of its annual range. Most of this action is occurring around the September 75 call, where new positions are being opened. At last check, GRUB was up 3.5% to trade at $77.27, ahead of the food delivery app's second-quarter earnings preview, set for before the open tomorrow, July 30. In addition, GRUB is higher as European peer Takeaway.com agreed to buy Just Eat for about $10.1 billion.
One of the top stocks on the S&P 500 today is Mylan NV (NASDAQ:MYL). The shares are up 13.5% to trade at $20.24, amid plans to merge with Pfizer's (PFE) off-patent medicines unit. The news has MYL on track to topple its 60-day moving average for the first time on a closing basis since an early-May bear gap.
Fresh off a weak quarterly report, Tata Motors Limited (ADR) (NYSE:TTM) is once again near the bottom of the New York Stock Exchange (NYSE) today, down 5% to trade at $10.06, and earlier falling to a new 10-year low of $9.97. TTM has now shed 48% year-over-year.