The S&P is pacing for a fifth straight daily win
The Dow Jones Industrial Average (DJIA) is higher at midday, boosted by the latest economic data. Weekly jobless claims remained low, while consumer spending increased by 0.3% in July, even as annual inflation increased at its slowest rate since 2015 -- dampening expectations for a December rate hike from the Fed. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also higher at midday, with the former pacing for a fifth straight daily win. It won't be enough, however, for the S&P 500 to avoid its first monthly loss since March. The CBOE Volatility Index (VIX) -- Wall Street's "fear gauge" -- is dropping, set for its lowest close in three weeks.
Elsewhere, Treasury Secretary Steven Mnuchin teased a "very detailed" tax plan, which he expects to be passed this year. Traders also continue to monitor Tropical Storm Harvey, as refineries remain closed amid the flooding. Front-month gasoline futures are trading at two-year highs above $2 per gallon, while October-dated crude oil futures are rebounding, up 2.5% at $47.13 per barrel, though oil is still on pace for a steep monthly loss.
Continue reading for more on today's market -- and don't miss:
- Why bank bulls may want to take cover.
- Goldman: Expect record highs for these 2 stocks.
- Plus, Ciena's spiking put volume; AMD stock rallies; and one of the worst stocks to own next week.
Among the stocks with unusual options volume is tech name
Ciena Corporation (NYSE:CIEN), with over 14,000 puts traded -- 12 times the average intraday pace, and on track for the highest percentile in its annual range. The weekly 9/1 23.50-strike put has attracted notable attention, with over 3,700 contracts traded.
Ciena stock is currently down 10.2% to trade at $21.78, after the firm offered lackluster current-quarter guidance. CIEN stock has shed 11% year-to-date and is currently short-sale restricted.
Advanced Micro Devices, Inc. (NASDAQ:AMD) is up 2.5% at $12.99, near the top of the S&P 500, though the catalyst is unclear. The chip stock, which has added 76% year-over-year, had pulled back after its annual high of $15.65 on July 26, but bounced off its 200-day moving average.
Campbell Soup Company (NYSE:CPB) is among the worst stocks on the S&P 500 today, down 6.5% to trade at $46.99. The stock earlier today touched an annual low of $46.95, after the company reported earnings that fell below Wall Street estimates, and predicted "significantly weaker performance" in the first half of 2018. CPB stock has shed 22% year-to-date, and is among one of the
worst stocks to own during Labor Day week, historically.