The Trump administration is removing certain items from the tariff list
The Dow Jones Industrial Average (DJI) is headed for a massive rebound, up more than 400 points and eyeing its biggest surge in two months. The major turnaround comes after the United States Trade Representative said 10% tariffs against certain Chinese goods -- including several electronics and clothing items -- will be put off until December, as opposed to going into effect on Sept. 1. The organization also said several products will been taken off the tariff list, for "health, safety, [and] national security" reasons, though it didn't get into specifics.
The boost has the retail and tech sectors making huge moves higher. Specifically, Dow components Walmart (WMT) and Apple (AAPL) have surged 2.5% and 4%, respectively, with Apple leading the pack at midday. The news has the tech-rich Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) making big midday gains as well.
Continue reading for more on today's market, including:
- This auto stock's earnings miss has options bulls reeling.
- Buy the dip on this Argentina stock, according to one analyst.
- Plus, options traders bombard JD stock after earnings; the pharma stock that's doubled today; and Bloom Electrical stock hits new lows.
China e-tailer JD.com Inc (NASDAQ:JD) reported better-than-expected second-quarter revenue, and already options traders are taking notice. So far, 117,000 calls and 31,000 puts have crossed the tape -- five times the intraday norm. The August 29 and 31 calls are seeing the most action, with positions being bought to open at the former. The stock is up 9.5% at $29.75, attempting to close its early August bear gap.
Wall Street's top performer today is Deciphera Pharmaceuticals Inc (NASDAQ:DCPH), which has shot up 98% to $39.51, after the firm announced that its stomach cancer treatment met the main goal in a late-stage study. DCPH stock is pacing for its best day ever today, and just hit a one-year high of $42.99 earlier.
An post-earnings sell-off has made Bloom Electrical Corp (NYSE:BE) one of the worst performers on Wall Street today. At least five members of the brokerage bunch have cut their price targets -- including Baird, which slashed its target to a Street low of $9 -- following the firm's disappointing second-quarter earnings and warning about its top line in 2020. The stock is trading well below recent support in the $8-$10 region, down 36.7% at $5.06 -- and just off a record low of $4.75.
