Dow Turns Lower as Investors Digest Powell Remarks
Despite being slightly higher most of the morning, stocks have reversed lower at midday. Traders are eyeing new Fed Chair Jerome Powell's first Congressional testimony, where he hinted that four rate hikes could be on the horizon this year, if the economy and inflation continue to strengthen. With bond yields back on the rise,the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are lower, while the Cboe Volatility Index (VIX) is set to snap a four-day losing streak.
Continue reading for more on today's market, including:
25 stocks to buy now, if history is any indicator.Analyst: This restaurant stock could surge after a CEO shake-up.Plus, 2 big-name retailers making moves; and the plummeting weight-loss stock.
Among the list of stocks with unusual options volume today is big name retailer Macy's Inc (NYSE:M), with more than 100,000 call contracts traded -- 10 times what's typically seen at this point in the day. Most of the action is attributable topost-earnings spread activity at the March 27 and 29 calls. At last check, M stock was 3% higher to trade at $28.28, just off an intraday peak of $31.04 -- territory not seen since mid-March of last year.
One of the top performers on the New York Stock Exchange today is M's retail sector peer Dillard's, Inc. (NYSE:DDS). Shares of DDS are higher after the company reported a fourth-quarter earnings beat, and a rise in same-store sales. In response, the stock has gapped 11% higher to trade at $79.34, after touching a fresh nearly two-year high of $84.
One of the worst performers on the Nasdaq today is NutriSystem Inc. (NASDAQ:NTRI), after the company issued weaker-than-expected current-quarter guidance. At last check, NTRI stock was down 24.4% at $30.17, plummeting onto the short-sale restricted list and touching a fresh annual low of $28.50 in the process.
