Bank stocks are higher ahead of earnings season
The Dow Jones Industrial Average (DJI) is over 250 points higher at midday, as Friday's landmark jobs report has the blue-chip index on pace for its best day in more than a month. The trade war tensions that have plagued Wall Street in recent months have seemingly waned, and bank stocks are leading the charge ahead of second-quarter earnings season. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also modestly higher, with all three benchmarks on track for their third straight win.
Continue reading for more on today's market, including:
- This cybersecurity stock has room to run, according to analysts.
- The retail stock surging after a fresh "buy" rating.
- Plus, Nordstrom's spiking call volume; Twitter stock pulls back; and Deutsche Bank downgrades AK Steel stock.
One name seeing notable options trading today is Nordstrom, Inc. (NYSE:JWN). The retail stock is down 1.7% at $53.03, but calls remain popular today. Call volume is running at five times the expected pace, on track for the 95th percentile of its annual range. Leading the charge today is the July 55 call, where more than 2,500 contracts have been exchanged, and buy-to-open activity is suspected.
One of the biggest losers on the New York Stock Exchange today is Twitter Inc (NYSE:TWTR), down 8% to trade at $42.96, on track for its worst day since late March. The social media stock signaled a higher open, but is in the red as a recent Washington Post article on the company's high account suspension rate sparks concerns about user growth. Despite the pullback today, TWTR stock has doubled in the past year, guided higher by its ascending 30-day moving average.
Another name struggling today is AK Steel Holding Corporation (NYSE:AKS), down 2.7% to trade at $4.46, after Deutsche Bank downgraded the steel name to "hold" from "buy," while slashing its price target to $5 from $6. AKS has now shed almost 22% in 2018.