Powell Remarks Send Stocks to Record Highs

All three major indexes are set for weekly wins

Aug 24, 2018 at 12:03 PM
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U.S. stocks are gaining today, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both touching record highs. The risk-on approach comes after Fed Chair Jerome Powell in a speech this morning said the central bank remained committed to gradual rate hikes going forward, while noting "strong growth" in jobs and income. This is overshadowing a lack of progress in trade talks with the U.S. and China, on top of the legal uncertainty surrounding President Donald Trump that's plagued markets in recent days. As such, the Dow Jones Industrial Average (DJIA), like its index peers, is well on its way to a weekly win. 

Continue reading for more on today's market, including:

  • Analyst: 2 reasons to buy the dip on this FAANG stock.
  • Bulls jump on the Tandem Diabetes Care stock rally.
  • Plus, options traders rush weed stock; software name Autodesk soars; and the retailer selling off.

midday market stats august 24

One stock seeing unusual options activity today is weed stock Cronos Group Inc (NASDAQ:CRON), amid reports that spirits company Diageo (DGE) is in talks with multiple marijuana companies to possibly develop a cannabis-infused beverage. CRON shares are up 14.6% at $9.79, on pace for their highest close since March. Call and put volume are both blowing past the daily average, and the September and October 10 calls are most popular overall, followed by the January 2019 9-strike put.

One of the best stocks on the Nasdaq today is Autodesk, Inc. (NASDAQ:ADSK), as strong quarterly results send the shares to record highs. ADSK stock was last seen 14.5% higher at $156.04, bringing its year-to-date gain to nearly 50%. Options traders may still be betting on upside for the software specialist, with calls crossing at nine times the expected pace today.

Near the bottom of the Nasdaq today sits Hibbett Sports, Inc. (NASDAQ:HIBB), following weak quarterly results and a disappointing profit guidance. Shares of the sports apparel retailer have dropped almost 30% so far today, trading at $20.73. But while HIBB has dipped below the 200-day moving average, the $20-$22 range has contained pullbacks since December.

hibb stock chart

 

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