Dow, S&P Inch Higher While Nasdaq and Tech Stocks Pull Back – Schaeffers Research (blog)

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The Dow Jones Industrial Average (DJIA) is slightly higher at midday, turning positive after spending most of the morning in the red. McDonald’s stock is leading the blue chips, thanks to positive analyst attention, overshadowing a pullback in tech stocks. Meanwhile, markets are digesting President Trump’s tax plan and a mixed bag of economic data. The final gross domestic product (GDP) reading was bumped up to 3.1% for the second quarter — the fastest growth in two years — while weekly jobless claims rose by more than expected. The S&P 500 Index (SPX) is trading at breakeven after notching a record high yesterday, while the tech-rich Nasdaq Composite (COMP) is lower.

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

Midday Market Stats Sept 28

    

Among the stocks with unusual options volume is pharma stock AbbVie Inc. (NYSE:ABBV). The drug concern sports over 34,000 options traded – four times the average intraday volume, and on pace for the 99th percentile of its annual range. The October 91 and 90 calls are most popular, with over 8,300 contracts total exchanged. At last check, ABBV stock was trading up 5% at $89.34 — and earlier touched a record high of $90.95 — after AbbVie and Amgen (AMGN) settled a patent dispute with Humira.

American Airlines Group Inc (NASDAQ:AAL) is making noise today, up 3% to trade at $48.32. The airline stock had struggled earlier in the month after American lowered its current-quarter revenue per available seat mile (RASM) outlook. However, AAL stock found support atop its 320-day moving average, and has now added nearly 9% in the past month.

Pandora Media Inc (NYSE:P) is struggling today, down 2.5% to trade at $7.80, drifting past the $8 level for the first time since Aug. 11. P stock has shed 40% year-to-date, and the shares’ 80-day moving average has contained recent breakout attempts.

Midday Market Chart P Sept 28

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