Dow Holds Gains Despite Durable Goods Disappointment
Investors are also considering Trump's China comments
The Dow Jones Industrial Average (DJI) is off its early highs, sporting a modest lead at midday. Traders are staying focused on President Donald Trump's China comments from yesterday, brushing off a disappointing durable goods update for April. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are trading above breakeven as they barrel toward a third straight weekly loss, while the Dow is heading for its fifth down week in a row.
Continue reading for more on today's market, including:
Analyst says to buy this trade war loser. A downgrade dinged Constellation Brands bulls. Plus, speculation ramps up on Chinese auto stock; Pinterest pops; and Foot Locker sinks.
There's unusual interest in Chinese auto stock Nio Inc (NYSE:NIO), as the company prepares to report earnings next Tuesday morning, May 28. A number of large trades have crossed on both the put and call sides, with the June 3.50 put most popular overall. Meanwhile, bulls appear to be targeting the weekly 5/31 3.50-strike call. NIO shares were last seen trading down 1.7% at $3.86, coming off yesterday's all-time low of $3.83.
One stock on the rise today is Pinterest Inc (NYSE:PINS), trading 5.5% higher at $25.10. The Wall Street newcomer is trying to break a five-day losing streak, coming off its lowest close ever yesterday. In the meantime, new positions are opening at the weekly 6/7 27-strike call.
