But Tesla's pop and retail stocks are keeping Nasdaq and SPX losses in check
The Dow Jones Industrial Average (DJIA) is flirting with a second straight weekly loss, with the blue-chip index sharply lower at midday. The Dow hasn't been lower for two consecutive weeks since mid-August, but hasn't suffered a three-week decline at all in 2017. While also lower, the losses have been less severe for the Nasdaq Composite (IXIC) and S&P 500 Index (SPX), as both are still pacing for weekly wins. Today's lackluster price action for stocks comes as investors continue to monitor the latest developments on Republicans' tax plans, as well as rally for Tesla stock (TSLA) and big earnings gains from several retail stocks. Elsewhere, oil prices are making another big move, with December crude futures up 2.2% at $56.36 per barrel, though oil is still facing its first weekly loss in six weeks.
Continue reading for more on today's market, including:
- Is this stock the next big retail earnings winner? Some options traders think so.
- How Shoe Carnival stock is torching short sellers.
- Plus, Nike call volume hot; an IT services stock on the rise; and Harley-Davidson stock sinks again.
Among the stocks with unusual options volume is Nike Inc (NYSE:NKE), with call volume running at four times the expected pace on the blue chip. The most popular option is the December 60 call, where buy-to-open activity looks likely, suggesting bulls are betting on NKE shares topping $60 in the coming weeks. Nike stock has jumped 2.7% today to trade at $58.76, as it enters a historically bullish time of year, thanks to a sector halo lift from Foot Locker (FL) earnings and after Nike upped its dividend.
One of the top stocks on the New York Stock Exchange is IT services provider Globant SA (NYSE:GLOB), after the company last night announced strong third-quarter results. The shares were last seen up 13.3% at $40.58, and have gained almost 22% this year -- though they're still looking up at their 52-week high of $47.49 from July 26.
While not one of the biggest losers on the Big Board, it's still worth noting that motorcycle king Harley-Davidson Inc. (NYSE:HOG) is experiencing another sharp downturn on the charts. The shares were last seen 2.9% lower at $46.69, and have been stuck in a downtrend since their March peak above $63, carving out a series of lower lows since their July bear gap. Not to mention, the 80-day moving average continues to apply pressure to HOG stock.
