Wall Street Brushes Off Oil Prices, Dow Rises Over 650 Points

Fed Chair Jerome Powell will provide his semiannual monetary policy update today

Deputy Editor
Mar 2, 2022 at 12:00 PM
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Stocks are extending their rebound this afternoon, even as oil prices continue to rise. The Dow Jones Industrial Average (DJI) is up over 650 points at midday, shaking off the Organization of the Petroleum Exporting Countries' (OPEC) refusal to increase its production output in the face of the Ukraine crisis. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also trading in the black, following upbeat ADP employment data for February.

In other news, U.S. Federal Reserve Chair Jerome Powell is set to testify before Congress today. His semiannual monetary policy update is expected to include the central bank's plans to hike interest rates, despite the ongoing Ukraine-Russia conflict.

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

  • Why call traders love Ford's electric vehicle update.
  • Dollar Tree stock falls after disappointing sales forecast.
  • Plus, SOFI options pop after earnings; Peabody Energy stock scores bull note; and apparel stock hits annual low.

Midday Market Stats March 2

SoFi Technologies Inc (NASDAQ:SOFI) is seeing a surge in options activity today, after the fintech name reported earnings and revenue that beat Wall Street's estimates. Plus, the company is brushing off a price-target cut to $15.50 from Credit Suisse. So far, 253,000 calls and 110,000 puts have crossed the tape, with total volume running at triple the intraday average. Most popular are the 3/4 13- and 12-strike calls, where positions are now being opened. The stock was last seen up 7.5% at $12.05, recovering from a Feb. 24, all-time low of $8.82. The 50-day moving average is keeping a lid on today's rally, though, much like it did back in January.

SOFI Stock March 2

One of the best performing stocks on the New York Stock Exchange (NYSE) so far today is Peabody Energy Corporation (NYSE:BTU), up 8.2% at $20.29 at last check. Today's positive price action comes after Jefferies raised its price target to $18 from $16, with Peabody Energy stock now trading at its highest level since July 2019. Year-over-year, BTU has managed to add more than 377%.

Near the bottom of the NYSE today is Abercrombie & Fitch Co. (NYSE:ANF), last seen down 16.8% at $29.82. The apparel retailer missed fourth-quarter earnings and revenue estimates, attributing the dismal results to Covid-19 omicron cases and supply chain issues. ANF earlier fell to an annual low of $29.29, and is down 13.4% year-to-date.


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