Nasdaq, S&P 500 Pivot Lower; Dow Maintains Lead

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are slipping into negative territory this afternoon, while the Dow Jones Industrial Average (DJI) is clinging to a modest lead thanks to upbeat quarterly results from blue chip UnitedHealth (UNH).

Investors are unpacking the latest batch of bank earnings as they contend with higher Treasury yields. Wall Street is also anticipating comments from Federal Reserve Chair Jerome Powell, who will speak at the Washington Forum on the Canadian Economy later today.

(Click on image to enlarge)

MMC Stats 0416

Deutsche Bank raised its price target on Keurig Dr Pepper Inc (Nasdaq: KDPstock to $34 from $33 today. Though the stock was last seen near breakeven at $30.45, more than 15,000 puts have already crossed the tape -- 10 times the volume typically seen at this point -- compared to just 262 calls. The most popular contract by far is the April 28 put. KDP was recently turned away by its 80-day moving average and over the last 12 months, the beverage stock has shed 14.1%.

Macatawa Bank Corp (Nasdaq: MCBC) is up 39.1% to trade at $13.82, among the best stocks on the New York Stock Exchange (NYSE) today. Shares earlier hit a 16-year high of $14 and blasted through resistance from the 60-day moving average, following news that Wintrust Financial (WTFC) will acquire the bank name for $510.3 million. MCBC is up 21.9% this year.

MCBC 60 Day

First Majestic Silver Corp. (NYSE: AG) is near the bottom of the NYSE, on the short sell restricted list and last seen off by 9.2% to trade at $6.79. The silver miner is taking a hit in concert with the safe-haven asset, as interest rate cut hopes fall. AG is up 10.9% in 2024. 

More By This Author:

Dow Drops 248 Points For 6th-Straight Daily Loss
Stocks Propped Up By Resurgent Retail Sales
Dow Closes Week Of Losses With 475-Point Drop

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.