Dow Gains 260 Points Ahead of Fed Minutes
Earnings wins from Target and Lowe's continue to boost stocks
Strong earnings from the retail sector are boosting stocks today. Specifically, earnings wins from Target (TGT) and Lowe's (LOW) have helped put the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) back in the black, while the Dow Jones Industrial Average (DJI) is up 260 points at midday. Traders are also digesting strong housing data, with existing home sales posting their first year-over-year gain in 17 months in July. Meanwhile, investors are awaiting this afternoon's Fed meeting minutes, which precede Fed Chair Jerome Powell's speech from Jackson Hole on Friday.
Continue reading for more on today's market, including:
The airline stock crashing on a double downgrade. The overseas deal that's saving this struggling pot stock. Plus,options traders bombard TGT; LEDS stock surges on an investment; and an earnings flop has JMIA stock slipping.
Retail giant Target Corporation (NYSE:TGT) is seeing a massive surge in options activity today, following an impressive second-quarter earnings report, which had the stock clocking a new record high of $102.05 earlier. Options volume is also pacing for a 52-week high, with 74,000 calls and 88,000 puts across the tape so far -- 13 times the intraday average. Most popular isthe September 90 put, where a large number of these contracts are being sold to open. At last check, TGT is up 18.5% at $101.36, set to topple resistance in the $90 region.
Chipmaker SemiLEDs Corporation (NASDAQ:LEDS) is one of the best stocks on the Nasdaq today, up 50% to trade at $3.30, after Chinese investor Xian Chang Ma said it would buy 680,000 shares of common stock at $3 per share. The equity is now eyeing its biggest one-day percentage gain this year, and its first close atop its 200-day moving average since April.
African e-commerce name Jumia Technologies AG (NYSE:JMIA) is one of the worst stocks today. The equity is down 11.8% at $13, after reporting second-quarter revenue that missed analysts' estimates. The company also said several class-action lawsuits relating to its initial public offering (IPO) have been filed. The stock is set to close back below its 10-day moving average, which has guided JMIA lower over the past month.