The ISM non-manufacturing index held near a 10-year high in February
The Dow Jones Industrial Average (DJI) was down more than 150 points at its session low, but has since erased these earlier losses at it looks to avoid a fifth straight drop -- which would mark its longest daily losing streak since last March. Traders have been spooked by concerns over a potential trade war, with recent tweets from President Donald Trump only adding to the uncertainty. However, bargain hunters may be swooping in after last week's massive decline, while a relatively upbeat reading on the Institute for Supply Management's (ISM) non-manufacturing index -- which held near a 10-year high last month -- could also be lifting investors' moods.
Continue reading for more on today's market, including:
- The drug stock on track for its best day ever.
- 2 reasons to buy Monster Beverage stock, according to Deutsche Bank.
- Plus, Square bulls eye a round-number breakout; a biotech at new lows; and a $15.6 billion buyout in the insurance sector.
Among the list of stocks with unusual options volume today is Square Inc (NYSE:SQ), with roughly 49,000 calls on the tape -- triple the expected intraday amount -- compared to just 13,000 puts. The March and April 50 calls are most active, and it looks like new positions are being purchased here. SQ stock was last seen up 6.1% at $48.85, and earlier touched a record high of $49.97.
Dermira Inc (NASDAQ:DERM) is the biggest decliner on the Nasdaq so far, after the drugmaker said it was suspending the development of its acne drug following a pair of failed late-stage studies. The news was met with a round of bearish brokerage notes, with DERM stock down 62.4% to trade at $9.47 -- fresh off a record low of $9.21.
XL Group Ltd. (NYSE:XL) is the biggest gainer on the New York Stock Exchange, after French insurance firm AXA said it would buy the Bermuda-based company for $15.3 billion, or $57.60 per XL share. At last check, XL stock was up 29% to trade at $55.90.