Trump's trade spat with China directly impacted CAT and MMM earnings
It's an ugly day on Wall Street, with the Dow Jones Industrial Average (DJI) down more than 400 points at midday and on track to breach the 25,000 level on a closing basis for the first time since July 12. Weighing on the blue-chip index are negative earnings reactions for Caterpillar (CAT) and 3M (MMM), with results for both firms impacted by President Donald Trump's escalating trade tensions. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both firmly in the red, as well, as another chip stock sell-off turns up the heat.
Continue reading for more on today's market, including:
- This FAANG stock is sinking on a pre-earnings price-target cut.
- Analysts continue to pile on struggling eBay stock.
- Plus, pre-earnings options bulls blast Deutsche Bank; Barrick Gold stays hot; and Nvidia stock breaches a key trendline.
Deutsche Bank AG (NYSE:DB) is seeing unusual options volume today. Nearly 19,000 calls are on the tape -- eight times the average intraday volume, and pacing in the 98th annual percentile. Most active is the weekly 11/2 6-strike call, with more than 14,000 options changing hands, and data suggesting buy-to-open activity could be occurring. DB is up 0.2% at $10.74, and the banking institution will report earnings before the open tomorrow, Oct. 24.
Barrick Gold Corp (NYSE:ABX) is near the top of the New York Stock Exchange (NYSE) today -- up 3.7% to trade at $13.58, as gold prices climb amid today's stock market sell-off. ABX just wrapped up its sixth straight weekly win, and recently climbed past a key trendline. The gold stock has now added 43% since bottoming at $9.53 back on Sept. 11.
Nvidia Corporation (NASDAQ:NVDA) is taking a big hit today, down 5.9% to trade at $218.62, after UBS trimmed its price target on the chip stock to $260 from $285. NVDA raced to a record high of $292.76 on Oct. 2 after a flurry of bull notes, but has since shed 25%. In fact, today's drop puts NVDA shares on track to close below their 320-day moving average for the first time since July 2015.
