Stocks are pushing higher despite weak jobs data and lower oil prices
The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (COMP) have all hit record highs today, as this morning's nonfarm payrolls miss is having little effect on stocks. Traders are also brushing off sharp losses from oil prices, with July-dated crude futures down 2.3% at $47.26 per barrel, amid concerns the U.S. withdrawal from the Paris climate accord could accelerate domestic drilling. But even as the broader market gains, bank stocks are again underperforming, as this week's mixed jobs data puts the pace of 2017 rate hikes from the Fed in question. As it stands now, the Dow, SPX, and Nasdaq are on pace for comfortable weekly wins.
Continue reading for more on today's market -- and don't miss:
- The retail stock on track for its worst day in a year.
- 3 stocks to watch ahead of Monday's huge Apple event.
- Plus, Comcast call volume jumps; an impressive earnings debut; and a fast-moving chip stock to watch.
Among the stocks with unusual options volume today is media conglomerate Comcast Corporation (NASDAQ:CMCSA), with the shares up 0.8% at $42.01, earlier touching a record high of $42.17. Call volume is soaring, running at eight times what's expected today, mostly due to one bullish trader. Specifically, it appears an options trader may have closed a block of 56,837 August 40 calls and rolled her position up to the August 42.50 calls, expecting extended upside from CMCSA in the coming months. Comcast stock is up almost 22% year-to-date.
Canada Goose Holdings (NYSE:GOOS) is one of the top gainers on the Big Board, thanks to an impressive debut in the earnings booth. At last check, the shares were up 8.5% at $20.30, earlier topping out at a record high of $21.05. GOOS stock opened for trade back on March 16 at $18 per share, and bottomed at $15.20 back on March 28.
A notable loser on the Nasdaq today is memory chip manufacturer Everspin Technologies Inc (NASDAQ:MRAM). The stock is down 13.2% at $15.50, earning a spot on the short-sale restricted list. This is a rare setback for MRAM stock, though, as the shares were trading below $10 as recently as May 19. Just yesterday, the equity hit a record high of $20.50.
