S&P, Nasdaq Turn Higher as FAANG Stocks Rally – Schaeffers Research (press release)

The Dow Jones Industrial Average (DJI) was down more than 200 points at its early morning low after President Donald Trump’s tweet sparked concerns of escalating political tensions with Syria and Russia.  While the Dow has since pared these losses, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have turned higher, with FAANG stocks rallying during Facebook CEO Mark Zuckerberg’s second day of congressional testimony. May-dated crude futures are also higher, trading up 2.1% at $66.92 per barrel — on pace for its highest close since late 2014 — on reports that Saudi Arabia had intercepted a missile over its capital Riyadh.

Continue reading for more on today’s market, including:

  • 2 drug stocks swinging higher.
  • The tech stock getting a big boost from Apple.
  • Plus, Fastenal stock’s unusual options volume; booming hotel stock; a medical tech stock’s disappointing buyout. 

One name seeing unusual options activity is industrial supplies concern Fastenal Company (NASDAQ:FAST), with roughly 9,400 put contracts traded —  30 times what’s typically seen at this point in the day. Most of the action is attributed to post-earnings activity at the April 50 and 52.50 puts, where buy-to-open activity seems possible. At last check, FAST stock was down 5.5% at $51.42, gapping below the recent support of its 120-day moving average.

One of the top performers on the New York Stock Exchange today is hotel concern Hilton Hotels Corporation (NYSE:HLT). Shares of HLT are up 5.5% at $79.16, after Chinese industrial conglomerate HNA Group fully exited its stake in the company. HLT stock is now up 37% year-over-year.

Advanced medical equipment stock Analogic Corporation (NASDAQ:ALOG) is one of the worst performers on the Nasdaq today, last seen trading down 13.2% at $83.35. The stock fell on news Altaris Capital will purchase ALOG for $84 per share — a discount to last night’s close at $96.05.

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