Dow Jones Industrial Average Waffles Amid Cautious Trading
U.S. stocks are trading in a tight range today, with the Dow Jones Industrial Average (DJIA) sitting just a few points from last week's record high. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have also failed to make a meaningful move in either direction, though the latter index managed to hit another record high. The uncertainty comes as investors focus on a number of geopolitical developments, including this weekend's terrorist attack in London and upcoming testimony from fired FBI director James Comey. Oil prices also continue to fall, with July-dated crude futures off 1.5% at $46.95 per barrel, on news a handful of countries have cut off relations with Qatar, threatening a global agreement to curb oil production.
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Among the stocks with unusual options volume today is NVIDIA Corporation (NASDAQ:NVDA), with the semiconductor concern rallying 2.2% to trade at $146.77, touching a record high of $147.70 earlier. Calls are trading at an accelerated clip today, thanks to heavy interest in the weekly 6/9 series. The 145-, 147-, and 150-strike calls are the most popular today, and those buying to open positions here are betting on NVDA stock extending its run higher through the end of the week, when the contracts expire.
Puma Biotechnology Inc (NASDAQ:PBYI) is outperforming on the Nasdaq yet again, with the shares gaining 6.6% to trade at $87.35, after the company presented upbeat data for its cancer drugover the weekend. This is just more of the same for skyrocketing PBYI stock, which was trading near $30 just a month ago.
