The Fed meeting minutes will be released at 2 pm ET
Stocks are holding on to solid gains today, as trade tensions take a breather amid developments of a possible "zero tariff" policy on imported cars between the U.S. and European Union (EU). The Dow Jones Industrial Average (DJI) boasts a triple-digit lead, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are confidently higher as well. Car stocks are among the S&P winners at midday, while the latter has been propped up by tech stocks, with Micron Technology (MU) higher on estimates that China's recent ban of chip sales will have a limited impact on revenue. The U.S. is set to implement tariffs on Chinese goods tomorrow.
Elsewhere, the 2 p.m. ET release of the Fed meeting minutes will surely pique investors' interest, and traders are digesting a weaker-than-expected private-sector payrolls report ahead of tomorrow's monthly jobs data.
Continue reading for more on today's market, including:
- This copper stock flashed a "sell" signal once again.
- One analyst set a lofty goal for Facebook stock.
- Plus, options traders bet on more MiMedx stock trouble; the car stock with a fresh "buy" endorsement; and Qorvo stock gets a critical bull note.
One name seeing notable options trading today is MiMedx Group Inc (NASDAQ:MDXG). The embattled drug stock is down 1.6% at $3.91 -- bringing its week-to-date deficit to 38% -- in the fallout over the company's CEO resignation earlier this week. Put volume is running at three times the expected pace, on track for the 99th percentile of its annual range. In the lead today is the September 2.50 put, where it appears the majority of the activity is buy-to-open.
One of the biggest winners on the New York Stock Exchange today is Fiat Chrysler Automobiles NV (NYSE:FCAU), up 5.7% to trade at $19.97, boosted by the increased prospects of nixed U.S. tariffs on imported cars. In addition, Jefferies upgraded the car stock to "buy," despite slashing its price target to $23. Overall, FCAU has added 12% in 2018, and is on track to snap an eight-week losing streak.
Another name seeing notable upside today is Qorvo Inc (NASDAQ:QRVO), up 4% to trade at $80.71, after Keybanc upgraded the Apple supplier to "overweight" from "sector weight." The analyst also set a price target of $95 for the shares -- territory not charted in nearly 16 years. QRVO stock has added nearly 22% in 2018, with its latest pullback contained by its 80-day moving average.
