The tech sector is also weighing heavy
U.S. stocks were higher out of the gate, amid optimism over U.S.-China trade talks. However, the major market indexes have reversed early gains, falling as investors digest the latest economic data, including the Commerce Department's report that construction spending unexpectedly slid 0.6% in December. As such, the Dow Jones Industrial Average (DJI) is down triple digits at midday, the tech-rich Nasdaq Composite (IXIC) is cooling off, and the S&P 500 Index (SPX) has backpedaled below the key 2,800 level.
Continue reading for more on today's market, including:
- Drug stock surging on growth hormone win.
- Inside the aggressive XBI breakout, per founder and CEO Bernie Schaeffer.
- Plus, McDonald's stock sinks on Q1 rumors; vacation company going private; and one retailer's worst earnings miss in years.
Restaurant chain Mcdonald's Corp (NYSE:MCD) is sporting unusual call volume today, after reports surfaced that suggest the restaurant name is seeing lackluster first-quarter comparable-store sales. Specifically, 42,000 MCD calls have crossed the tape so far, seven times the expected rate. The weekly 4/5 190- and 195-strike calls are the most active, with buyers expecting the Dow stock to rebound above the strikes by options expiration on Friday, April 5. At last check, MCD is down 2% at $181.43.
Situated in thetop spot on the New York Stock Exchange (NYSE) today is Bluegreen Vacations Corp (NYSE:BXG), after BBX Capital Corp (BBX) said it plans to take its sector peer private via short-form merger. BXG has gapped 19% higher to trade at $16.01.
One of the worst stocks on the Nasdaq today is Children's Place Inc (NASDAQ:PLCE), after the company reported is worst earnings miss in two years. PLCE shares are down 10.9% to $84.31 -- on pace for their lowest close since November 2016 -- and earlier fell as low as $82.25.
