S&P, Nasdaq Eye Longest Win Streaks Since Early 2018
The U.S. stock market was swimming in red ink at the start of the session, ashotter-than-expected inflation data sparked concerns of more aggressive rate hikes by the Fed. In addition, traders digested weaker-than-anticipated January retail sales. After being down 150 points at its intraday low, though, the Dow Jones Industrial Average (DJI) has erased most of its losses -- and briefly explored positive territory -- while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have turned higher on a rally in bank and tech stocks. In fact, the SPX and Nasdaq are eyeing a fourth straight gain, which would mark their longest daily win streaks since early January.
Continue reading for more on today's market, including:
Analyst: This retail stock could triple after earnings.A well-timed rally could spark a Target short squeeze.Plus, Ciena options traders eye more M&A upside; Chipotle stock soars; and an Apple supplier near the top of the Nasdaq.
Among the stocks with unusual options volume today isCiena Corporation (NYSE:CIEN), with more than 9,000 calls on the tape -- six times what's typically seen at this point in the day, and volume pacing in the 99th annual percentile. CIEN stock is up 1.7% to trade at $23.05, with Trade-Alert citing renewed M&A speculation, and traders appear to be buying to open February 23.50 calls to bet on more upside through week's end.
Chipotle Mexican Grill, Inc. (NYSE:CMG) is one of the best stocks on the New York Stock Exchange (NYSE) today, after the burrito chain said it's tapped Taco Bell CEO Brian Niccol to replace founder Steve Ells to head the embattled firm. CMG stock is up 14.8% to trade at $288.52, trading north of its 10-day moving average for the first time since late January.
Universal Display Corporation (NASDAQ:OLED) stock is near the top of the Nasdaq -- up 9.7% to trade at $160.24 -- after the organic light-emitting diode (OLED) specialist inked a licensing deal with Samsung's display business. Today's bounce has OLED stock extending its rally off a key trendline, and on track for its highest close since Jan. 30.