Dow, Nasdaq Up Triple Digits; CPI Data Still in Focus

Posted By: ndeeney

The VIX is eyeing its first loss in three sessions

Stocks are firmly higher this afternoon, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) both up triple digits, as investors continue to sift through this morning’s consumer price index (CPI) data, which showed inflation increasing at its lowest annual rate since March 2021. Treasury yields moved lower after the reading, while the Cboe Volatility Index (VIX) is on track for its first loss in three sessions.

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

Takeover rumors are boosting Manchester United stock.
Analyst sees attractive entry point for this apparel stock.
Plus, more record highs for ORCL; SRDX jumps on upgrade; and MEI moves lower.

The shares of Oracle Corp (NYSE:ORCL) are extending their record highs, after the software name’s upbeat fiscal fourth-quarter results, after which a flood of analysts lifted their price targets. Options traders are chiming in at eight times the usual daily volume, with 167,000 calls and 104,000 puts exchanged so far. The June 125 call is the most active contract, with new positions being opened there. Year-over-year, ORCL is up 99.5%.

Surmodics Inc (NASDAQ:SRDX) is up 22.7% at $27.85 at last glance, after an upgrade from Needham to “buy” from “hold.” The stock’s 180-day moving average appears to be keeping a cap on gains, however. Year-to-date, the equity is still down 19.2%.

Methode Electronics Inc (NYSE:MEI) is tumbling today, down 19.4% at $36.35 at last glance, after the company’s preliminary 2024 results and 2025 forecast. Tumbling to its lowest levels since October, MEI is down 17.6% year-to-date.

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