Stocks Ride Trade Tailwinds as CAT Boosts Dow
The VIX is falling in response to the rally
The Dow Jones Industrial Average (DJI) is having a huge day, as trader optimism rises on news the U.S. and China will hold trade talks next month. The tech and retail sectors have been some of the biggest winners on the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) so far, most notably semiconductor stocks, while trade-sensitive Caterpillar (CAT) is at the top of the Dow. As such, the Cboe Volatility Index (VIX) has fallen to its lowest point in two weeks.
Continue reading for more on today's market, including:
2 familiar names getting analyst love. Palo Alto Networks put traders are hitting the exits after earnings. Plus, Comcast bulls take a profit; healthcare stock pops on FDA update; and an analytics firm's disappointing update.
One name seeing accelerated options trading today is Comcast Corporation (NASDAQ:CMCSA), as traders take action following an analyst bull note. CMCSA shares touched a record high earlier, and were last seen up 1.6% at $46.27. Amid the rally, calls are crossing at five times the expected pace, and the weekly 9/13 46-strike call is most popular. Traders may be closing positions here since the contracts are now in the money.
One of the best stocks today is Global Blood Therapeutics Inc (NASDAQ:GBT), last seen trading up 12.5% at $53.42. The move comes after the Food and Drug Administration (FDA) accepted to review the company's sickle cell disease treatment, voxelotor. GBT stock is now back above its 50-day moving average for the first time since July.
