The Fed chair threw support behind gradual increases to interest rates
The Dow Jones Industrial Average (DJI) has traded in a 300-point range on both sides of breakeven today, but was last seen trading in positive territory -- on track to snap its recent losing streak. Wall Street is reacting to a fresh round of economic data, which includes a modest rise in the personal consumption expenditures (PCE) index -- a key measure of inflation the Fed follows -- while the Institute for Supply Management's (ISM) manufacturing index hit a 13-year high in February. Plus, in his second appearance before Congress this week, Fed Chair Jerome Powell underscored support to gradually raise interest rates, and said "there's no evidence the economy is currently overheating."
Continue reading for more on today's market, including:
- 2 drug stocks making massive moves.
- This pair of retailers are expected to have volatile trading days tomorrow.
- Plus, options bulls blast CRM shares; Tenax heads toward best day in years; and Monster Beverage stock spirals after earnings.
Among the list of stocks with unusual options volume today is Salesforce.com, Inc. (NYSE:CRM), with more than 48,000 contracts exchanged -- eight times what's typically seen and volume pacing in the 100th annual percentile. CRM shares have surged 3.1% to trade at $119.84, earlier hitting a record high, after the cloud concern's impressive earnings, and options traders are betting on bigger gains. Specifically, it looks like new positions are being purchased at the June 130 and 140 calls.
Tenax Therapeutics Inc (NASDAQ:TENX) is at the top of the Nasdaq today, but not before the shares hit a record low of $4.41 out of the gate. The company announced a publication of positive preclinical data for its levosimendan treatment. After being halted several times so far today, TENX stock was last seen trading up 137.7% at $10.98 -- on track for its best day since February 2000.
Monster Beverage Corporation (NASDAQ:MNST) is one of the worst stocks on the Nasdaq at last check, after the energy drink maker's fourth-quarter sales miss was met with an onslaught of bearish brokerage notes. Most recently, MNST was down 10.8% to trade $56.50, pacing for its worst session since October 2012.