All three benchmarks are trading at record highs as investors unpack this morning’s inflation data
The Dow Jones Industrial Average (DJI) is enjoying a 571-point lift, hitting record highs alongside the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC). Investors are still unpacking this morning’s consumer price index (CPI) reading, which despite concerns, doesn’t seem to be enough to dissuade rate-cut hopes. Jobless claims are also in focus after rising to 263,000 — the highest level since October 2021.
Continue reading for more on today’s market, including:
- FOMC rate-cut decision takes center stage.
- Analyst: this beverage stock is a buy.
- Plus, aerospace stock options are flying off the shelves; the best and worst of the NYSE today.
Virgin Galactic Holdings Inc (NASDAQ:SPCE), is making noise in the options pits, with 48,000 calls and 2,944 puts traded so far, 12 times the average daily pace. Most popular is the weekly 9/12 3.50-strike call and the September 3.50 call, with new positions being bought to open at both. SPCE was last seen up 4.8% to trade at $3.28 this afternoon. The aerospace name is sporting a 42% year-to-date deficit, after falling back into penny stock territory in mid-May. The equity will likely face off with the overhead 200-day moving average again, a site of historic resistance for the shares — most recently capping a late-July breakout attempt.
One of the best stocks on the New York Stock Exchange (NYSE) today is Oxford Industries Inc (NYSE:OXM), last seen up 124.3% at $50.24, after the company posted a second-quarter earnings beat. The overhead $50 has put a ceiling on today’s gains, though the equity is eyeing its best daily pop since November 2020. Despite today’s impressive surge, the shares remain 35% lower year to date.
Music streaming platform Spotify Technology SA (NYSE:SPOT) is down 3.5% at $679.74 at last check, now down 11.3% since the start of the quarter. While today’s catalyst remains unclear, SPOT’s chart performance has been choppy at best since the shares tapped a record high of $785 on June 27.