Dow Up Big Ahead of Powell Speech

Several upbeat earnings reports are also providing tailwinds today

Jake Scott
Apr 29, 2020 at 12:13 PM
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As Wall Street unpacks earnings in waves, the Dow Jones Industrial Average (DJI) was last seen up almost 500 points at midday. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also on the uptrend -- riding the coattails of one FAANG name's impressive quarterly report -- despite GDP experiencing a 4.8% first-quarter drop, its largest since 2008. Following early-morning tailwinds stemming from Gilead Sciences' (GILD) potential coronavirus treatment, focus now turns to the Fed meeting, where an interest rate decision is expected at 2 p.m. ET. Elsewhere, black gold is surging, with June-dated crude futures last seen trading up 33.6% at $16.44.

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

  • This ride-share stock is rising despite plans to cut staff.
  • Starbucks stock is coming up short post-earnings.
  • Plus, call traders bet on AMRN ahead of earnings; EAT stock is up on earnings; and Blue Apron is today's NYSE loser.

Midday Market Stats April 29

One stock seeing notable options trading activity today is Amarin Corporation plc (NASDAQ:AMRN). The pharmaceutical stock was last seen trading up 7.4% at $8.39. At last check, just over 41,000 calls have crossed the tape,almost double the average intraday amount and volume ranking in the 95th percentile of its annual range. The most popular option is the May 9 call, with just over 16,000 options exchanging hands and new positions being opened. Amarin will report earnings before-the-open tomorrow, April 30.

One stock at the top of the New York Stock Exchange (NYSE) today is Brinker International, Inc. (NYSE:EAT), up 31.8% to trade at $25.18 at last check. EAT stepped into the earnings confessional today, beating analysts estimates of 65 cents per share after reporting profits of $1.28 per share. EAT is up a whopping 106% this quarter, and set to close above its 50-day moving average for the first time since February 12.

EAT Chart April 29

On the other end, at the very bottom of the NYSE is Blue Apron Holdings Inc (NYSE:APRN), last seen down 24.1% to trade at $9.59. The meal-kit delivery service saw revenue miss its mark for the first quarter, despite an uptick in sales during stay-at-home orders. APRN is still up 50% year-to-date, thanks in part to a huge 148% bull gap on March 18.


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