Dow Adds Triple Digits as Wall Street Looks to Jackson Hole

The Nasdaq and S&P 500 are also extending their mornings gains

Digital Content Manager
Aug 25, 2022 at 11:36 AM
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Stocks are expanding on their morning gains this afternoon, with the Dow Jones Industrial Average (DJI) last seen up 143 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both sit comfortably in the black as well. A smaller-than-expected decline in gross domestic product data (GDP) and a small drop in jobless claims is keeping the wind at Wall Street's back, as investors look ahead to Federal Reserve Chairman Jerome Powell's speech at the two-day Jackson Hole symposium, scheduled for Friday. 

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

  • Callaway Golf reveals several big changes. 
  • The Amazon update giving Teledoc stock a lift. 
  • Plus, calls pop on PINS; SCVL surges on upbeat full-year forecast; and PTON erases 20% gain after earnings.

mmc stats aug 25

Pinterest Inc (NYSE:PINS) is seeing a surge in bullish options activity today, with 22,000 calls across the tape, which is double the intraday average. The most popular position is the weekly 8/26 21.50-strike call, followed by the 23-strike call in the same series. Positions are being opened at both contracts. PINS is up 7.8% at $22.66 at last check, though the catalyst for this positive price action is unclear. The stock just staged a bounce off its 40-day moving average, though today's rally is losing steam near the 160-day trendline. 

pins aug 25

Shoe Carnival, Inc. (NASDAQ:SCVL) is one of the top performers on the Nasdaq today, last seen up 17% at $26.65 after the company posted strong operating margins for the second quarter, and upbeat full-year guidance. The company also beat earnings estimates by $0.02 with profits of $1.04 per share. SCVL is set for its first close atop the 100-day moving average since mid-January, though it's still sitting at a 31.9% year-to-date deficit. 

Peloton Interactive Inc (NASDAQ:PTON), on the other hand, is one of the biggest losers on the Nasdaq today, erasing almost all of yesterday's 20.4% pop, after the company's fiscal fourth-quarter losses of $2.68 per share came in wider than expected, while revenue also missed analysts' estimates. Peloton also shared a current-quarter revenue forecast that fell well below the mark. PTON is now sitting back below the 80-day moving average after yesterday's brief pop above there. The stock has now shed over 90% in the past 12 months. 

 

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