Dow Eyes 4-Straight Despite Tech Tumble

Investor sentiment is on the rise

Deputy Editor
Oct 26, 2022 at 12:03 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is more than 300 points higher this afternoon, heading for its fourth-straight daily win, even as Wall Street digests a lackluster round of earnings from Big Tech. The S&P 500 Index (SPX) is also brushing off the reports, though the tech-heavy Nasdaq Composite (IXIC) is succumbing to sector pressure and sports a mild midday loss.

Elsewhere, the latest Investors Intelligence (II) survey was released, showing bullishness is on the rise. Specifically, financial newsletter editors that took the II survey showed 36.9% were bullish, up from a six-year low of 25% two weeks prior. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), continues to cool off as well, and was last seen 3.1% lower.

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

  • Microsoft's sales warning weighs on shares.
  • Alphabet stock hit with post-earnings bear note.
  • Plus, options traders blast DraftKings stock; and 2 more earnings reports to unpack.

Midday Market Stats October 262022

Options traders are taking an interest in gambling concern DraftKings Inc (NASDAQ:DKNG), with 51,000 calls and 18,000 puts exchanged so far today -- triple the amount typical at this point in the session. New positions are being opened at the most popular contract, the weekly 10/28 15-strike call. Last seen 5.3% higher to trade at $14.85, this options-related interest comes after DKNG was the target of two price-target cuts in the last two days. Specifically, Truist Securities and BofA Global Research slashed their price objectives to $15 and $17, respectively, just over a week before DraftKings is scheduled to enter the earnings confessional. On the charts, the security is 69.1% lower in the last 12 months, but is set to thwart pressure from its 140-day moving average thanks to today's positive price action.

DKNG Chart October 262022

New Oriental Education & Tech Grp (NYSE:EDU) holds the top spot on the New York Stock Exchange (NYSE) this afternoon, after reporting fiscal first-quarter earnings of 48 cents per share on revenue of $744.82 million -- both of which demolished analysts' expectations. Now, EDU stands 17.8% higher year-to-date.

At the very bottom of the NYSE this afternoon sits Stride Inc (NYSE:LRN). Stride stock was last seen 26% lower, trading at $34.40, after reporting wider-than-anticipated losses for its fiscal first-quarter. Now trading fractionally higher above its year-over-year breakeven, LRN is also clinging to a 4.8% year-to-date lead.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI