Dow Climbs 431 Points as Rate Cut Buzz Swirls
Powell said the Fed is ready to "act as appropriate" to support the economy
The Dow Jones Industrial Average (DJI) is red-hot today, up more than 400 points as easing trade worries spark the risk-on session. Dovish comments from Fed Chair Jerome Powell are only fanning the bullish flames, with the head of the central bank earlier saying it's prepared to "act as appropriate" to support economic growth -- which some are are reading as potential support for an interest rate cut. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher, too, as tech stocks bounce back.
Continue reading for more on today's market, including:
Analyst: Drop this oversold retail stock.CBD buzz is boosting Sorrento Therapeutics.Plus, GM options in overdrive; Lands' End swings higher; and the energy stock at the top of the Big Board.
General Motors Company (NYSE:GM) is seeing unusual options activity at midday, with nearly 34,000 calls on the tape -- four times the expected intraday amount and the number of puts traded. GM stock is up 5% at $35.37, as auto shares rally on reports Congress could intervene in President Donald Trump's new Mexico tariffs, and one trader appears to be betting on more upside by buying to open 8,605 September 36 calls for $1.45 apiece.
Lands' End, Inc. (NASDAQ:LE) is near the top of the Nasdaq, after the retailer reported stronger-than-forecast first-quarter results and boosted its full-year guidance. After bottoming at an 18-month low of $11.80 earlier, LE stock was last seen up 12.2% at $13.43.
Superior Energy Services, Inc. (NYSE:SPN) is the best stock on the New York Stock Exchange (NYSE) at last check, after J.P. Morgan Securities upgraded the oilfield services name to "neutral" from "underweight." SPN stock is up 20.8% at $1.96, but is still down 40% year-to-date.
