Healthcare Stocks Boost Dow Jones Industrial Average – Schaeffers Research (blog)

The Dow Jones Industrial Average (DJIA) and its index peers have turned higher at midday, thanks to bouncing oil prices and a surge in healthcare stocks. At last check, August-dated crude futures were up 1.4% at $43.11 per barrel, after hitting a 10-month low yesterday. Traders are also digesting the Senate’s just-released Obamacare replacement bill, a development that has healthcare stocks rallying once again. For instance, UnitedHealth, Johnson & Johnson, and Pfizer are the top three Dow stocks today. The sector’s strength has also jolted the S&P 500 Index (SPX) and Nasdaq Composite (COMP), with the former trying to avoid a three-session losing streak. 
 
Continue reading for more on today’s market — and don’t miss:

  • 2 airline stocks with options on sale.
  • The biotech stock down 25% today. 
  • Plus, options explode on this rallying solar stock; Oracle’s big day; and another downer for Nike. 

midday market stats june 22

Among the stocks with unusual options volume today is alternative energy name Canadian Solar Inc. (NASDAQ:CSIQ), as the shares rally for a second straight day. CSIQ stock was last seen up 10% at $15.39, on pace for its highest close since February. In the meantime, call volume is surging, with 41,000 contracts crossing so far, compared to an average intraday amount of just 734. It looks like buy-to-open activity is taking place at the January 2018 20-strike call, as well as the October 18 call, which are the two most popular options for Canadian Solar today. All in all, it appears options traders are placing ambitious bets on the shares extending their upside move in the months ahead. 

Oracle Corporation (NYSE:ORCL) is outperforming on the New York Stock Exchange, following the company’s impressive earnings release. The shares earlier hit a record high of $51.85, and were last seen 9.6% higher at $50.79. This marks their second earnings-induced bull gap this year, guiding them to a year-to-date gain of 32%. 

orcl stock

On the other end of the New York Stock Exchange is Nike Inc (NYSE:NKE), as more bearish analyst attention keeps the stock under pressure. NKE was last seen 0.7% lower at $52.22, and the $52.50-$53 range could continue to hinder its upside potential, as this is the site of last week’s bear gap. 

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