Dow Looks To Extend Hot Streak
The Dow Jones Industrial Average (DJIA) is higher at midday, set to extend its winning streak to eight sessions -- the longest since early August -- while already setting another intraday record. The Dow is on track for its sixth straight record close, as the two-day Fed meeting gets underway. The central bank isn't expected to lift interest rates until December, but could detail plans to unwind its massive balance sheet. Among specific stocks, Verizon Communications is the top Dow performer, as telecom stocks rally amid merger speculation, and financial stocks are also higher.
The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are both trading slightly higher, but are still a chip-shot away from their own intraday records. Elsewhere, the CBOE Volatility Index (VIX) -- Wall Street's "fear gauge" -- briefly fell below the key 10 level, even after President Trump told the U.N. General Assembly that the U.S. would be forced to "totally destroy" North Korea if forced to defend itself or its allies.
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Among the stocks with unusual options volume is telecommunications Sprint Corp (NYSE:S), with 40,000 options traded -- 10 times the average intraday volume, and pacing for the highest percentile of its annual range. The October and November 9 call are attracting notable attention, with over 23,000 contracts exchanged between the two. S stock is up 8% to trade at $8.30, as rumors of a possible merger with T-Mobile emerge.
Progressive Corp (NYSE:PGR) is up 3.4% at $47.86, among the best stocks on the S&P 500 today, after the insurance company reported financial results for August. PGR has added over 53% in the past 52 weeks, and is set to topple its 20-day moving average for the first time since late August -- when Progressive was flirting with record highs, and before a slew of hurricane headwinds.
Best Buy Co Inc (NYSE:BBY) is among the losers on the New York Stock Exchange (NYSE) today,down 9.5% at $51.91, after CEO Hubert Joly said the company's strong second quarter won't necessarily translate into a solid holiday quarter. In addition, Best Buy offered weaker-than-expected guidance for 2021. BBY stock has lost 18% since tagging a record high on Aug. 24, and the shares could end below their 160-day moving average for the first time in a year.