Dow Jones Industrial Average Trades Up With Oil, Tech Stocks – Schaeffers Research (blog)

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The Dow Jones Industrial Average (DJIA) has explored both sides of breakeven today, but was last seen trading cautiously higher on a boost from Visa stock. Rising oil prices may also be lifting investor sentiment, with August-dated crude futures up 1.3% at $44.80 per barrel. And amid a bare economic calendar and bank earnings not due until week’s end, traders are keeping a close eye on tech stocks. Following Friday’s rally, the Nasdaq Composite (COMP) is higher again, while the S&P 500 Index (SPX) is also on track for a daily win. 
 
Continue reading for more on today’s market — and don’t miss:

  • The buyout buzz that has this retail stock at new lows.
  • The Dow signal that could be bullish for stocks.
  • Plus, a possible $3.5 million options bet against L Brands; NVDA stock soars; and Amazon trades higher ahead of Prime Day. 

midday market stats july 10

Among the stocks with unusual options volume today is retail stock L Brands Inc (NYSE:LB). More than 40,000 puts have traded today — compared to fewer than 3,900 calls — 23 times what’s typically seen at this point in the day, with volume on track to settle in the 100th annual percentile. One trader may have potentially bought to open 13,000 November 40 puts for $3.51 million (number of contracts * $2.70 premium paid * 100 shares per contract), though this activity may also be tied to action at the August 40, 45, and 47.50 puts. Regardless, LB stock was last seen down 2.5% at $43.97, as retailer stocks dive.

Shares of NVIDIA Corporation (NASDAQ:NVDA) are near the top of the S&P 500, after the chipmaker received a pair of price-target hikes — including one to $200 at Needham. At last check, NVDA stock was up 2.9% at $150.94, taking a sharp bounce off its 40-day moving average.

nvda stock daily price chart july 10

Amazon.com, Inc. (NASDAQ:AMZN) is one of the notable gainers on the Nasdaq today, as the e-tailer prepares to kick off its third annual Prime Day tomorrow. AMZN stock was most recently seen trading up 1.5% at $993.78, within striking distance of the $1,000 mark.

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