The tech-heavy index is pacing for a sixth straight weekly win
While the Dow Jones Industrial Average (DJIA) has retreated from the record high it hit earlier to hover near breakeven alongside the S&P 500 Index (SPX), a post-earnings Apple (AAPL) stock rally has the Nasdaq Composite (IXIC) outperforming. Economic data has been in focus all morning, with the nonfarm payrolls report for October coming in below expectations. However, the ISM non-manufacturing index hit its highest level since August 2005, and factory orders rose for a second straight month in September. Still, the Dow and SPX are set to extend their weekly win streaks to eight -- their longest since 2013 -- while the Nasdaq is on track to make it six in a row.
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Among the stocks with unusual options volume is Canadian Solar Inc. (NASDAQ:CSIQ), as the solar name pulls back from yesterday's annual high of $18.68, last seen at $18.36. Put volume is running at nine times the expected pace, due to heavy action at the November 18 put. However, data here gives the impression of sell-to-open activity, suggesting traders expect the level, which previously served as technical resistance, to now act as support in the coming weeks.
One big loser on the New York Stock Exchange today is Tableau Software Inc (NYSE:DATA), with the shares sliding 10.4% to trade at $73.61 after the tech firm's disappointing earnings report. DATA stock is set to close below the 50-day moving average -- a formerly supportive level -- for the first time since April.
Over on the Nasdaq, Universal Display Corporation (NASDAQ:OLED) is surging, last seen up 10.7% at $159.75, and earlier hit a record high of $160.15, thanks to the LED specialist's strong earnings report and full-year outlook. Plus, Cowen and Company weighed in with a price-target hike to $155 from $150. The shares have now more than tripled over the past year.