The Dow Jones Industrial Average (DJI) (DJI) is up well over 1,000 points this afternoon, with the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) surging as well, after President Donald Trump said he would pause attacks on Iran's energy infrastructure for a five-day period amid productive talks. Crude prices fell in response, with Brent shedding 12% as Trump signaled his intent to "make a deal" with Iran ahead of a phone call later today. While Iranian state media noted no direct talks happened between the two countries, the travel, industrials and bank sectors are still surging.
Options traders are targeting Wendy's Co (WEN) stock, with 75,000 puts exchanged so far today, volume that's 106 times the amount typically seen at this point. The most popular contract is the May 6 put, with new positions being sold to open. WEN is off 1.2% to trade at $7.18 at last glance, after the fast food chain announced it is expanding its Mexico presence with 60 new stores. WEN carries a 52.7% year-over-year deficit, but is today pacing for its third-straight gain.
Albemarle Corp (ALB) is the best stock on the SPX today, last seen up 9.1% to trade at $170.90. Though there's no clear catalyst for this price action, the lithium miner is likely enjoying the respite between the U.S. and Iran. The shares are set to snap a three-day losing streak and are now testing overhead pressure at the 20-day moving average.
CF Industries Holdings, Inc. (CF) stock is at the bottom of the SPX, down 6.1% to trade at $117.23 at last check, the chemicals giant still reeling from a Department of Justice (DOJ) antitrust probe that broke last week. CF still boasts a 53.8% year-over-year lead and snagged a record high of $137.44 on March 12.
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