Dow Pushes Higher As Tech Sector Slumps
The Dow Jones Industrial Average (DJI) is making another run at record highs today, up over 200 points at last check. The S&P 500 Index (SPX), after spending the morning in the red, has clawed its way into positive territory, while the Nasdaq Composite (IXIC) remains modestly lower amid a broader tech sector pullback. Earnings and import prices are holding investor attention today, with Morgan Stanley's (MS) report in focus and the latter falling 0.4% in September, steeper than estimates.
Cameco Corp (NYSE: CCJ) stock is seeing unusual options activity today. At last check, over 75,000 calls have changed hands, volume that's 5 times the average intraday amount and 3 times the number of puts traded. The November 60 call leads the way, while the 55-strike in the same standard series is also popular. CJJ is up 4.5% to trade at $54.04, trading at its highest level since June after bottoming out at $35.43 on Aug. 5.
Delta Air Lines, Inc. (NYSE: DAL) is up 4.4% to trade at $55.05 today, one of the best stocks on the SPX. Airline stocks across the board are getting a halo lift from United Airlines' (UAL) outstanding earnings report. Delta stock earlier hit a four-year high of $55.98, and is now up 36.6% in 2024.
Intel Corp (Nasdaq: INTC) is down 3.3% to trade at $21.90 today, near the bottom of the SPX, after China's Cybersecurity Association recommended a review of Intel's products sold in China. Intel stock is down 56.3% year-to-date, carving a channel of lower lows despite recent consolidation below $24.
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