U.S. stocks are pushing higher despite lingering uncertainty
The Dow Jones Industrial Average (DJIA) is clinging to positive territory, as stocks try to gain despite the lingering uncertainty on Wall Street. Traders continue to monitor the latest developments out of Washington, D.C., where intelligence chiefs are testifying before the Senate, while digesting a huge drop in oil prices. Specifically, July-dated crude futures were down 4.1% at $46.22 per barrel, after domestic crude stockpiles unexpectedly rose last week. Gasoline inventories were also much higher than analysts were anticipating. Despite the seemingly bearish backdrop, and ahead of a few potentially market-moving events tomorrow, the Nasdaq Composite (COMP) and S&P 500 Index (SPX) are holding higher, with all three indexes set to snap two-session losing streaks.
Continue reading for more on today's market -- and don't miss:
- The semiconductor stock crashing after earnings.
- This Elon Musk tease is pushing Tesla stock to new highs.
- Plus, the financial stock up 600% in June; Coca-Cola options active; and Exact Sciences' setback.
Among the stocks with unusual options volume today is The Coca-Cola Co (NYSE:KO), as the blue chip pulls back after a downgrade to "market perform" from "outperform" at BMO Capital. With the shares down 1.2% at $45.43, puts are crossing at three times the expected pace, thanks to heavy action at the July 44 put. Specifically, it looks like one options trader sold to open 5,000 contracts here, betting on short-term technical floor for Coca-Cola shares. Even though analysts have long been bearish on KO stock -- 10 of 12 say "hold" -- the shares hit an annual high of $46.06 yesterday.
One of the top Nasdaq performers today is Wins Finance Holdings Inc (NASDAQ:WINS), as the financial stock continues to trade wildly. After being halted earlier, WINS shares are up 79.6% at $145.50, meaning they've now added over 600% since in June. The stock has been unbelievably volatile all year, sporting a 52-week low of $10.34 and a high of $465 for the same period. There's no clear reason for the price action.
At the other end of the Nasdaq is EXACT Sciences Corporation (NASDAQ:EXAS), after the company announced a public stock offering for $35 a share -- a discount to yesterday's close at $36.59. The molecular diagnostics stock came under pressure a few weeks back, too, after Citron Research weighed in bearishly. Even though EXAS stock was last seen 6.6% lower at $34.17, its year-to-date gain clocks in at almost 156%.