Dow, S&P 500 Extend Highs After CPI Reading

The Dow and S&P 500 both nabbed intraday record highs today

Deputy Editor
Aug 11, 2021 at 12:12 PM
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The Dow Jones Industrial Average (DJI) is up 171 points at last check, with the blue-chip index and the S&P 500 (SPX) both extending yesterday's record closes to nab intraday highs, though the latter is sitting just barely in the black midday. Meanwhile, the Nasdaq Composite (IXIC) has given up some of its earlier gains to trade in the red.

The Consumer Price Index (CPI) reading for July is the highlight of the day so far, with a slightly higher-than-expected year-over-year climb of 5.4%, and a 0.5% rise for the month. Core CPI excluding energy and food price, meanwhile, rose 0.3% -- just below expectations. Elsewhere, several states are considering reinforcing mask mandates as the Covid-19 cases continue to increase. 

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

  • Behind NortonLifeLock's billion-dollar acquisition
  • One airline stock is seeing a surge in put options. 
  • Plus, options traders target surging FUBO; UPST nabs post-earnings bull notes; and NARI plummets.

MMC 0811

The New York Stock Exchange's (NYSE) FuboTV Inc (NYSE:FUBO) is getting blasted by options traders today, after its strong second-quarter results and full-year forecast. So far, 185,000 calls and 53,000 puts have crossed the tape, which is 10 times the average intraday amount already. The most active options are the weekly 8/13 40- and 35-strike calls, with new positions being opened at both. Plus, no fewer than three analysts threw in bull notes in the form of price-target hikes. It's also worth noting that the stock is experiencing a volatility crush, with ATM IV hitting a 52-week low. FUBO is surging, up 11.8% to trade at $32.02 at last check. 

Near the top of the Nasdaq today is Upstart Holdings Inc (NASDAQ:UPST), up 23.2% to trade at $167.29 at last glance. This positive price action comes after the company's second-quarter earnings beat and raised full-year forecast. To follow, Citigroup upgraded UPST to "buy" from "neutral" with a price-target hike to $205 from $120, while Jefferies and Piper Sandler raised their price objectives as well. Today's pop has the stock trading at its highest level in two months.

UPST 0811 MMC

On the other hand, Inari Medical Inc (NASDAQ:NARI) is plummeting, last seen down 15.8% to trade at $74.84. The medical device company reported a second-quarter revenue beat, but earnings that came in just barely below estimates. In response, Canaccord Genuity and SVB Leerink cut their price targets to $119 and $110, respectively.

 

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