S&P, Nasdaq Notch Record Highs as Tech, Bank Stocks Rally – Schaeffers Research (blog)

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The Dow Jones Industrial Average (DJIA) is slightly lower at midday, as traders weigh lackluster inflation data against a surprise increase in the Chicago purchasing managers index (PMI). However, the Dow is on track to post a weekly and monthly gain, and its eighth straight quarter in the black– is its longest win streak in over 20 years.

Both the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are slightly higher and touched fresh record peaks, as tech stocks rally and financial stocks gain on reports that President Trump is considering former Fed Governor Kevin Warsh to lead the Fed. The indexes are also on track to close the week, month, and quarter higher, with the S&P 500 looking at an eight-quarter win streak as well. Elsewhere, the CBOE Volatility Index (VIX) — Wall Street’s “fear gauge” — is aiming for its first monthly close below the 10 level in history.

Continue reading for more on today’s market — and don’t miss:

  • Buy puts on this blue-chip stock, if recent history is any indicator.
  • The biotech stock that’s doubled today.
  • Plus, KBH earnings beat creates an options frenzy; WYNN stock touches a multi-year high; and FCX stock loses its luster.

Midday Market Stats Sept 29

    

Among the stocks with unusual options volume is homebuilder stock KB Home (NYSE:KBH).  The builder stock sports over 15,000 options traded, on pace for the highest percentile of its annual range, and 16 times the average intraday volume. The October 23 call is the most popular, with almost 4,500 contracts exchanged. At last check, KBH was trading up 9.7% at $24.33 – and just touched a four-year high of $24.48 — following the company’s earnings beat.

Wynn Resorts, Limited (NASDAQ:WYNN) stock is up 3.4% to trade at $149.25 — and just touched a new two-year high of $149.48 — to place among the best stocks on the S&P 500 today, after Telsey Advisory Group raised its price target to $157 from $150. In addition, UBS lifted its price target on WYNN to $174 from $149. It’s been an excellent run lately for the casino stock, which has tacked on 71% year-to-date, with many pullbacks contained by its 30-day moving average.

Midday Market Chart WYNN Sept 29

Freeport-McMoRan Inc (NYSE:FCX) is struggling today, down 2.6% to trade at $14.03, among the losers on the S&P 500. Indonesia ruled yesterday that the mining company can request an extension for its permit talk with the Grasberg mine. FCX stock has tacked on 31% year-over-year, but is on pace for a monthly loss of 5.1%.

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