Stocks Cling To Gains Despite Consumer Confidence Drop
The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are higher this afternoon, shaking off a March consumer confidence reading of 92.9 -- the lowest in 12 years, and well below analyst estimates. Optimism around a scaled back version of President Donald Trump's tariff plan is supporting stocks, as investors look ahead to this week's gross domestic product (GDP) and personal consumption expenditures (PCE) updates for additional economic insight.
Options bulls are targeting Peabody Energy Corp(NYSE: BTU) stock today, with 48,000 calls traded so far -- 18 times the intraday average amount -- compared to 528 puts. The most popular contract is the weekly 3/28 15.50-strike call put, where positions are being opened. BTU was last seen 2.6% higher at $14.88, resuming a rally that came after President Donald Trump said he would support "clean coal" energy production. The equity is on track for its third-straight daily gain, but still carries a 37.9% year-over-year deficit.
Universal Health Services Inc (NYSE: UHS) stock is among the SPX's leaders today, last seen up 3.4% to trade at $187.68. Though a catalyst for today's positive price action remains unclear, the security is bouncing off its lowest level since April and sports a 5.9% year-over-year gain. Shares are also moving back above the 40-day moving average as they test overhead pressure at the $190 level.
Vistra Corp (NYSE: VST) stock is one of the worst stocks on the SPX today, down 3.7% to trade at $130.01 at last glance. VST has been trekking higher since hitting its lowest level since September earlier this month and still sports an 82.7% year-over-year lead. However, the overhead 40-day moving average could move in as added pressure.
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