The Dow is pacing for a 4th straight drop
The Dow Jones Industrial Average (DJI) is down sharply at the halfway point, set for a fourth straight loss, as tariff fears weigh on large-cap stocks. A big drop in oil prices -- July-dated crude was last seen down 3% at $64.92 per barrel on concern the Organization of the Petroleum Exporting Countries (OPEC) and Russia will announce an output boost at next week's meeting -- is adding to the risk-off session, and the industrial and energy sectors are suffering the brunt of the effects. As such, the Dow and S&P 500 Index (SPX) are heading for weekly losses, though the tech-heavy Nasdaq Composite (IXIC) remains on pace for a fourth straight weekly win.
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One name seeing heavy options trading today is Dropbox Inc (NASDAQ:DBX), as the cloud stock extends yesterday's rally. At last check, DBX was trading up 4.8% at $37.85, tapping another record high of $39.63, and more than 21,000 calls have traded today -- nearly eight times the expected intraday pace. The 40 strike is in focus, with the July 40 and weekly 6/22 40-strike calls standing as the two most popular options today. Other traders are opening positions at the September 39 put.
Canada Goose Holdings Inc (NYSE:GOOS) is having a big day on the New York Stock Exchange, thanks to the apparel company's surprise quarterly profit, which was driven in part by online sales. GOOS stock was trading up 28% at $58.64, and earlier touched an all-time high of $59.40. The shares have climbed steadily since going public in March 2017 when they opened at $18, quickly overcoming a C-suite shake-up earlier this year.
On the other hand, Universal Display Corporation (NASDAQ:OLED) is sliding again amid reports Apple (AAPL) could use more LCD screens. OLED stock has dipped 7.4% to $91.30, breaching a short-term foothold atop the 50-day moving average. It's been less than a month since a different Apple rumor sent Universal Display stock soaring.
