2 Reasons to Beware This Oil Stock

Disappointing economic data has investors eyeing another rate cut later this year

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Midday Market Check
MIDDAY MARKET CHECK
 
 

8/01/2019

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Markets Surge With Renewed Rate Cut Hopes

By Lillian Currens

Share On

The first day of the month has kicked off with the Dow Jones Industrial Average (DJI) up more than 260 points at midday. Stocks sold off yesterday on post-rate cut comments from Fed Chair Jerome Powell, but are bouncing back today on renewed hopes for additional quantitative easing. Soft economic data is boosting traders' dovish hopes, as the Institute for Supply Management's (ISM) manufacturing index fell to its lowest point since August 2016. Likewise, the IHS Markit manufacturing purchasing managers index (PMI) dropped to its lowest level in nearly 10 years last month. Elsewhere, a rally in tech stocks has the Nasdaq Composite (IXIC) up triple digits, and the S&P 500 Index (SPX) is trading higher, too. 

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

  • The surprise that sparked this fitness stock's massive sell-off. 
  • 2 reasons to beware this oil stock.
  • Plus, bulls swarm a Buffett-endorsed stock before earnings; SunPower shines on earnings beat; and Pluralsight stock eyes its worst day in years. 
>> Continue reading...
LATEST HEADLINES
>> 2 Reasons to Short This Oil Stock in August
The equity is within striking distance of annual-low territory
>> Lyft, Uber Head to the Earnings Confessional
Walt Disney earnings are also due
>> H.C. Wainwright Says Drug Stock's Sell-Off Is Done, Shares Could Double
AMAG Pharmaceuticals has earnings coming up too
>> SunPower Stock Eyes Best Day Since 2013 After Earnings
Short sellers are likely heading for the hills today
>> Fitness Stock Suffering Steep Losses After Earnings
FIT has been struggling since a late-February post-earnings bear gap
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