S&P 500, Nasdaq Hit Records as Fed Meeting Begins

The Dow is nearing record levels as well

Assistant Editor
Nov 2, 2021 at 11:52 AM
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Stocks are higher midday, as Wall Street unpacks a slew of mostly upbeat corporate earnings while eyeing the start of the Federal Open Market Committee's (FOMC) two-day meeting. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have nabbed fresh intraday highs, while the Dow Jones Industrial Average (DJI) nears its record levels.

Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is on track for its lowest close in a week, while the small-cap Russell 2000 Index (RUT) has cooled off after hitting a record high earlier in the day.

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

  • Call traders are blasting this red-hot retail stock
  • Analysts chime in on Simon Property Group stock after earnings.
  • Plus, options traders target vaccine stock; CAR drives to record highs; and CHGG receives four downgrades. 

MMC Stats 1102

Pfizer Inc (NYSE:PFE) is seeing an options surge after its upbeat third-quarter earnings report and raised forecast. So far, 272,000 calls and 57,000 puts have crossed the tape, which is six times the intraday average. The weekly 11/5 45-strike call is the most popular, followed by the 44-strike call in the same series, with new positions being opened at both. PFE, last seen trading up 4.7% at $45.71, is up 24% in 2021.

PFE 1102

Near the top of the Nasdaq today is Avis Budget Group Inc (NASDAQ:CAR), up 110.3% to trade at $360.62, at last check. The car rental company reported third-quarter earnings of $10.72 per share on revenue of $3 billion, higher than Wall Street's estimated $6.52 per share and $2.7 billion. Analysts have yet to respond as CAR races to never-before-seen highs. Year-to-date, the stock is up roughly 853%. 

Meanwhile, Chegg Inc (NYSE:CHGG) is gapping lower, down 45.1% to trade at $34.35 at last glance. This plummet comes after the company's third-quarter revenue miss, despite reporting earnings in line with analyst estimates. No fewer than four analysts downgraded the stock, including Raymond James to "market perform" from "outperform," as the firm sees no catalysts for improved growth over the next few quarters. At least three analysts lowered their price targets as well. Now trading at its lowest level since the start of the pandemic, CHGG is down 62.7% year-to-date. 

Trader: Sell These 8 Stocks in 2021

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