Big Tech Powers Stocks Higher Ahead of Fed Decision

Both GOOGL and MSFT are higher despite lackluster quarterly results

Deputy Editor
Jul 27, 2022 at 11:50 AM
facebook X logo linkedin


The major indexes are on the rise midday, ahead of the Fed's highly anticipated interest rate decision. The Nasdaq Composite (IXIC) is up 289 points, on track to snap a three-day skid, as post-earnings pops from Alphabet (GOOGL) and Microsoft (MSFT) give the tech sector a boost. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are firmly higher as well. Meanwhile, U.S. pending home sales fell 8.6% in June, much lower than analysts' estimated 1% drop. 

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

  • Why this fast-food stock is surging today. 
  • Options bulls are loading up on PayPal stock
  • Plus, a solar energy stock soaring; PZN rips higher; and SAVA slips to the bottom of the Nasdaq. 

MMC July27

Options traders are targeting Enphase Energy Inc (NYSE:ENPH) after the alternative energy name's strong second-quarter results and third-quarter guidance. So far, 20,000 calls and 17,000 puts have crossed the tape, which is five times the intraday average. The weekly 7/39 26-strike call is the most popular, followed by the 250 call in the same weekly series, with new positions being bought to open at both. ENPH is up 15.3% at $249.54 at last glance, eyeing its first close above the $220 level for 2022. 

ENPH July27

One of the best performing stocks on the New York Stock Exchange (NYSE) today is Pzena Investment Management Inc (NYSE:PZN). The shares are up 45.7% at $9.38 at last glance, after news that the fund operator will become private by merging into a subsidiary of its parent company. Trading at its highest levels since April, PZN is up 4% year-to-date. 

Meanwhile, Cassava Sciences Inc (NASDAQ:SAVA) is the worst performing stock on the Nasdaq so far today, down 25.3% at $16.22 at last check, amid news that a U.S. criminal probe is tied to the biotech company's Alzheimer's drug. Earlier hitting a one-year low of $13.84, SAVA is down 62.2% year-to-date. 

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!

 

 
 
 


 
 

Rainmaker Ads CGI