The SPX has reclaimed the 3,000 level
The Dow Jones Industrial Average (DJI) is heading toward its third straight win and second straight triple-digit gain to close out a record-setting week. The blue-chip index already nabbed another fresh intraday record high earlier today, as optimism regarding a Fed rate cut builds. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are confidently higher as well, with the former reclaiming the 3,000 level while nabbing another record of its own. All three indexes are on track to lock up solid weekly wins.
Continue reading for more on today's market, including:
- Ford stock is higher on a big Volkswagen partnership.
- Analyst: Scoop up these 2 Wall Street newcomers.
- Plus, calls pop as General Motors stock climbs; Under Armour eyes annual highs; and Eli Lilly slips with biotechs.
General Motors Company (NYSE:GM) is seeing accelerated options trading today. More than 25,000 call options have traded -- four times what's typically seen at this point in the day, and more than three times the number of puts traded. Leading the charge is the August 40 call, where new positions are being opened. The auto stock is up 1.7% to trade at $39.11, set for its highest close since late April.
Athletic apparel maker Under Armour Inc (NYSE:UAA) is one of the better stocks on the S&P 500 today, up 2.2% to trade at $27.25, although the catalyst is unclear. UAA is within a chip-shot of its June 18 two-year high of $27.50, and has seen recent pullbacks met with support at its rising 30-day moving average.
One of the worst stocks on the S&P 500 Index today is Eli Lilly and Co (NYSE:LLY), down 3.1% to trade at $106.45, after Amgen (AMGN) and Novartis (NOVN) abandoned their BACE inhibitor Alzheimer's therapy. Eli Lilly abandoned its own BACE inhibitor trials in the past. LLY is trading at its lowest point of 2019.