Procter & Gamble is keeping the Dow above water
Stocks are sticking close to the flatline at midday, as Wall Street keeps a close eye on Capitol Hill. In addition to congressional testimony from Fed Chair Jerome Powell -- who said in prepared remarks that the "current stance of monetary policy is likely to remain appropriate" -- traders are watching the first day of public impeachment hearings against President Donald Trump. The Dow Jones Industrial Average (DJI) is holding in positive territory at last check thanks to strength from Procter & Gamble (PG), as is the S&P 500 Index (SPX), while the Nasdaq Composite (IXIC) is easing back from Tuesday's record high.
Continue reading for more on today's market, including:
Luckin Coffee Inc (NASDAQ:LK) is seeing unusual options volume today, as shares of the China-based java giant surge 12.9% to trade at $21.57 post-earnings. Nearly 42,000 LK options have changed hands so far -- six times what's typically seen, and volume nearing a new record high. While some traders appear to be selling to close their November 22 calls, other seem to be purchasing new positions at the November 21 put.
Advanced Micro Devices, Inc. (NASDAQ:AMD) is the best stock on the S&P 500 at midday -- up 3.4% at $37.95, fresh off a 13-year peak of $37.96. The shares have gained 35% since a mid-October bounce off their 180-day moving average, and are now pacing toward a seventh straight weekly win -- the longest for the chip stock since mid-2018.
Mosaic Co (NYSE:MOS) is the worst SPX stock today, after J.P. Morgan Securities downgraded the fertilizer name to "underweight" from "neutral," and lowered its price target by $2 to $18. At last check, MOS shares are down 5.1% to trade at $19.86.