The Dow Jones Industrial Average (DJIA) is significantly higher at midday, touching a record intraday high of 21,988 this morning. While the Dow once again came within a chip-shot of the 22,000 milestone, the bullish momentum stalled on news of a sharp decline in auto sales. Additionally, traders digested marginally higher consumer spending and a mild dip in the ISM manufacturing index. Looking ahead, Apple will be in the crosshairs later today with its earnings report after the close, as bulls hope the FAANG stock can set a positive tone for the rest of the week.
Continue reading for more on today’s market — and don’t miss:
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- 2 airline stocks singled out for analyst upgrades.
- Plus, the telecom name in focus after earnings, while GM breaks below a significant trendline.
Among the stocks with unusual options volume is online review specialist Yelp Inc (NYSE:YELP), with nearly 20,000 calls crossing the tape so far — representing 6.4 times the stock’s average full-session call volume, per Trade-Alert. YELP is slated to report second-quarter earnings after the market closes this Thursday, Aug. 3, and most of today’s volume appears to consist of traders rolling out August 42 calls into the November series. YELP shares are trading up 2% at $33.19.
Sprint Corp (NYSE:S) is trading at the top of the NYSE, after the telecommunications firm posted its first quarterly profit in three years. CEO Marcelo Claure also indicated on a conference call that news on a rumored merger would be “coming in the near future,” sending S stock up 7.5% to $8.57.
General Motors Company (NYSE:GM) is near the bottom of the S&P 500 (SPX), after the car giant reported a 14% drop in July U.S. retail sales, concurrent with an industry-wide decline. This sharp fall comes on the heels of a revenue miss last week. GM stock is down 3.4% to trade at $34.76,and has fallen below its 40-day moving average — which provided stubborn resistance for much of the second quarter — for the first time since late May.
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