S&P Hits Record High

Traders are digesting the latest inflation and consumer spending data

by Lillian Currens

Published on Apr 29, 2019 at 12:04 PM

The Dow Jones Industrial Average (DJI) is modestly higher at midday, led by bank stocks, as traders look ahead to a full week of earnings and economic data. In addition, Wall Street is digesting relatively tame inflation data ahead of the Fed's policy meeting, with the central bank widely expected to stand pat on interest rates. Elsewhere, the S&P 500 Index (SPX) hit a new all-time intraday high for the first time since September, with speculators cheering the biggest increase in consumer spending in nearly 10 years last month. The Nasdaq Composite (IXIC) is also higher, after touching its own record peak.

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

  • AMC stock is higher on a record box-office weekend.   
  • This red-hot tech stock could have room to run.  
  • Plus, options bulls jump on Dropbox stock; SOHU enjoys a revenue beat; and Veoneer stock plummets as the company seeks funding. 

Midday Market Stats Apr 29

Drobox Inc (NASDAQ:DBX) is seeing unusual options volume today, with nearly 14,000 calls across the tape so far -- roughly six times the average intraday volume. For comparison, just over 2,700 DBX puts have changed hands, which is about two times the average. The January 2020 45-strike call appears to be the most popular, with positions being bought to open. DBX is up 0.4% at $24.44 today -- pacing for its seventh day in the black. 

Chinese online media concern Sohu.com Ltd (NASDAQ:SOHU) is near the top of the Nasdaq today, after the company reported  first-quarter revenue that exceeded analysts' expectations. The company also issued stronger-than-expected current-quarter guidance. The security is up 18.2% at $18.18, eyeing its best day in over 10 years. SOHU stock is set to close back atop its 20-day moving average -- a trendline that has acted as a recent ceiling on the charts -- for the first time since February. 

SOHU Apr 29

Swedish automaker Veoneer Inc (NYSE:VNE) is toward the bottom of the New York Stock Exchange today, down 15.2% at $22.69, after the firm said it's seeking additional funding to make up for its slowing autonomous car sales. VNE just hit a new record low of $21.52 earlier, and is pacing for its biggest one-day drop in six months. 

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