Stocks Push Higher Again; Oil Gains
Oil prices are providing a lift to the energy sector
The Dow Jones Industrial Average (DJI) is holding in positive territory today, putting the index on pace for a fourth consecutive win. Optimism toward U.S.-China trade could be a main driver, after Politico reported over the weekend Beijing may boost its U.S. agriculture purchases as part of broader negotiations -- sending Caterpillar (CAT) near the top of the Dow.
The energy sector is also an area of strength, rising alongside oil prices. At last check, October crude futures were up 2.8% at $58.10 per barrel, getting a boost from expected output cuts from Saudi Arabia. This, along with gains out of the retail space, has the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) in positive territory, as well.
Continue reading for more on today's market, including:
Pure Storage stock attracts another Wall Street bull. One drugmaker's surprising reversal. Plus, NetApp puts pop despite rally; healthcare stock stays hot; and Twilio hit by sector headwinds.
One name seeing accelerated options trading today is NetApp Inc. (NASDAQ:NTAP). The stock is trading up 3.3% at $53.70, after Susquehanna upgraded it to "positive" from "neutral," and lifted its price target to $75 from $54. However, the most popular contract today is the December 55 put, where buy-to-open activity could be taking place. If so, this trader would be betting on NTAP shares holding below $55 in the months ahead.
One hot stock today is Microbot Medical Inc (NASDAQ:MBOT), extending last week's rally. The shares are trading up 10.2% at $7.78, set for a second straight close above the 320-day moving average. An area of technical support could be found near the $7.50 area, around the July highs, though the $8.40 region may be acting as a ceiling.
