Stocks Stay Lower, But Oil Prices Up Again
Intel is one stock seeing accelerated options trading
It's a somewhat low-volume day on Wall Street, with few market-moving events on the radar. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were all last seen sporting modest losses, putting the Dow on pace for its first loss in five days. Outside of today's product reveal from Apple (AAPL), traders are also monitoring rising oil prices, with October crude futures up another 0.8% at $58.30 per barrel, as liquid gold continues to benefit from hopes of output cuts from major producers.
Continue reading for more on today's market, including:
2 auto stocks down after car unveils. Analysts, options traders move in on Mastercard. Plus, Intel put players take action; a healthcare stock on the rise; and Chipotle dips.
One name seeing accelerated options trading today is Intel Corporation (NASDAQ:INTC), with the chip stock last seen down 1.3% at $50.90. Puts are crossing at twice the normal rate, and new positions are opening at the September 49.50 and weekly 9/13 51-strike puts. If buy-to-open action is taking place, these traders are hoping for more losses from INTC shares through the respective expiration dates of next Friday, Sept. 20, and this Friday, Sept. 13.
One hot stock today is Kodiak Sciences Inc (NASDAQ:KOD). The biopharma concern is trading 7.3% higher at $12.87, seemingly getting a boost after the company's appearance at the Morgan Stanley Global Healthcare Conference. This has the shares above the 50-day moving average, set for their highest close since July, after coming into 2019 around $7.
