The Dow is 398 points higher this afternoon
Stocks are extending their rebound this afternoon, with the Dow Jones Industrial Average (DJI) up 398 points at midday, while pacing for its third-straight win. According to the Financial Times, peace talks are progressing between Russia and Ukraine, with a ceasefire seeming more likely. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher, putting the two benchmarks on track for their second consecutive daily rises.
Elsewhere, investors are still digesting fresh economic data, while the Federal Reserve wraps up its two-day policy meeting. It's widely expected that the central bank will today announce a quarter-point rate hike.
Continue reading for more on today's market, including:
- Why Starbucks stock is moving higher today.
- Spotify pens sponsorship deal deal with soccer club.
- Plus, options traders target NIO; BEKE breaks away from record lows; and what's hurting Lockheed Martin stock.
Nio Inc (NYSE:NIO), which was last seen up 21.1% to trade at $18.08, is seeing an unusual amount of options activity today. Already, 223,000 calls and 111,000 puts have been exchanged, or double the intraday average. The March 18 call is the most popular, followed by the 20 call in the same series, with new positions being opened at both. Nio stock is on the mend after hitting a roughly two-year low of $13.01 yesterday, but has been trending lower in 2022, with the 30-day moving average stifling multiple rally attempts since January. Year-to-date, the security carries a 43% deficit.
KE Holdings Inc (NYSE:BEKE) is the best performing stock on the New York Stock Exchange (NYSE) so far today. KE Holdings stock was last seen up 63.8% to trade at $14.88, though the catalyst for this positive price action remains unclear. BEKE is now bouncing off of a March 14, record low of $7.32, and carries a year-over-year deficit of 77.2%.
Meanwhile, Lockheed Martin Corporation (NYSE:LMT) is near the bottom of the NYSE, last seen down 6.8% to trade at $418.01. This bear gap came after the Pentagon requested fewer of the company's F-35 warplanes than previously anticipated, just days after the company agreed to sell 35 fighter jets to Germany. The equity is now testing the support of its 30-day moving average, but still sports a 17.2% year-to-date lead.