Stocks, Oil Struggle as Trade Stays in Focus
Traders aren't doing much with trade uncertainty sapping sentiment
Stocks are hovering near breakeven today in a low-volume session. Trade uncertainty is holding back the Dow Jones Industrial Average (DJI) and its index peers, with news China is halting soybean purchases from the U.S. overshadowing upbeat gross domestic product (GDP) data from this morning. There's also notable weakness in the energy sector, with the U.S.-China conflict weighing on commodities, as well. July-dated crude futures were last seen down 2% at $57.64 per barrel.
Continue reading for more on today's market, including:
2 steel stocks spiraling to new lows. Why analysts are slamming this cybersecurity stock. Plus, huge Hertz call volume; solar stock soars; and one of this week's biggest winners.
There's unusual options trading on car rental concern Hertz Global Holdings Inc (NYSE:HTZ), as the shares look poised for their lowest close since the start of the year. More than 9,000 contracts have traded at the October 16 call, and buying here would suggest confidence in HTZ stock rising above $16 in the coming months. Looking back, the shares have been all over the charts in the past year, but were last seen trading down 4% at $14.58.
Canadian Solar Inc. (NASDAQ:CSIQ) is one of the best stocks today, last seen trading 8.4% higher at $19.18, after the company named an acting CEO. The move puts CSIQ shares above the 50-day moving average, which may translate into support much like the 200-day moving average has in recent weeks.
