Stocks Sprint Higher on Upbeat U.S.-China Trade Talk
Oil prices are higher today, too
The Dow Jones Industrial Average (DJI) is roaring into the weekend, up over 300 points at midday and on track for its eighth straight weekly win, its longest streak since late 2017. Fueling today's gains is reported trade talk progress between the U.S. and China. And at a press conference declaring a national emergency for border wall funding, President Donald Trump said "it would be my honor" to remove tariffs on Chinese goods if a deal is made.
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are cruising toward their third and eighth consecutive weekly wins, respectively, too. Oil prices keep climbing, too, with March-dated crude futures up 2.2% at $55.61 per barrel, at last check.
Continue reading for more on today's market, including:
2 red-hot weed stocks riding upbeat news today.Apple stock is fighting for its longest weekly win streak in years.Plus, calls remain hot on Pyxus stock; ANET soars after blowout earnings; and AMAT analysts brush off weak guidance.
Options volume is accelerated again on CBD stock Pyxus International Inc (NYSE:PYX). Over 8,700 call options have changed hands, quadruple the average intraday amount and six times the number of puts traded. Most of the action is centered at the soon-to-expire February 25 call, but there are also new positions being purchased at the March 22.50 call. At last check, PYX is up 8.9% to trade at $24.80, heading toward a 34.6% weekly gain.
Near the top of the New York Stock Exchange (NYSE) today is Arista Networks Inc (NYSE:ANET), up 10% to trade at $260.96. Putting the cloud name on pace for its best day since November 2017 is the company's fourth-quarter earnings and revenue beats. No fewer than eight price-target hikes have ensued, including one to $320 from $312 at D.A. Davidson. ANET is on track to close above its 200-day moving average for the first time since late September.
Applied Materials, Inc. (NASDAQ:AMAT) is down 3.4% to trade at $39.34. While the chipmaker's fiscal first-quarter adjusted earnings and revenue topped estimates, it gave second-quarter guidance that fell short of expectations. Nevertheless, UBS and J.P. Morgan Securities raised their AMAT price targets to $45 and $50, respectively. Year-to-date, the chip stock has gained 20%.