Healthcare and Tech Lead Stock Market Rally
The Trump administration has made it a point to cool trade war fears
The Dow Jones Industrial Average (DJI) is grinding higher today, as fears of a trade war recede once again. The blue-chip index was last seen up over 300 points, bouncing back from Friday's huge sell-off and marking another big market swing. Healthcare and tech are leading the way, with the former sector buoyed by big pharma M&A activity and the latter supported by a rebound in semiconductor stocks. The energy sector is also seeing strength thanks to rising oil prices. At last check, May-dated crude futures were 2% higher at $63.28 per barrel.
Continue reading for more on today's market, including:
Analyst: This Trump plan could be bullish for GM stock. 2 stocks soaring on positive drug data. Plus, a homebuilder's put options pop; a penny stock making noise; and CNN report sinks ACADIA.
One name seeing unusual options activityis homebuilder Toll Brothers Inc (NYSE:TOL), with heavy action at the April 43.50 put driving total put volume to more than twice the expected rate -- though trading remains light on an absolute basis. Data suggests traders are buying to open positions here, betting on a pullback in TOL stock in the coming weeks. The shares popped last week thanks to strong earnings from sector peer Lennar (LEN), but the downtrending 50-day moving average thwarted that breakout effort. In fact, this trendline is quickly approaching the long-term 200-day moving average, meaning Toll Brothers could be the next stock to flash a death cross.
Headset maker Turtle Beach Corporation (NASDAQ:HEAR) is one of the best Nasdaq stocks today, thanks to the company's surprisingly strong preliminary first-quarter update. Specifically, revenue is expected to come in between $39.50 and $40.50 million, compared to forecasts of $29 million, while the projected quarterly loss was also smaller than expected. After earlier hitting an annual high of $5.75, shares of HEAR were last seen trading up 48.8% at $3.81.
Near the bottom of the Nasdaq is ACADIA Pharmaceuticals Inc. (NASADQ:ACAD), following a CNN report detailing a series of death potentially related to the company's Parkinson's psychosis drug, Nuplazid. ACAD stock has fallen 23.9% to $16.38, earlier hitting a four-year low of $15.90, and landing on the short-sale restricted list. During the last reporting period, short interest on ACADIA increased 9.2%.