Stocks are slightly lower today but higher for the week
Stocks are mostly lower midday despite better-than-expected economic growth. The personal consumption expenditures (PCE) index flashed a slowdown in pricing, while consumer spending fell for the second-straight month. A plethora of earnings reports came in above analysts expectations, though Intel's (INTC) dismal report is weighing on the semiconductor sector. All three indexes are heading for comfy weekly wins, while the Cboe Volatility Index (VIX) is eyeing its lowest close in over a year.
Continue reading for more on today's market, including:
- Intel stock done in by earnings.
- Another analyst pounces on Chewy stock.
- Plus, AI all the rage; Axos' earnings beat; and a BTC stock deep in the red.
C3.ai Inc (NYSE:AI) is seeing an unusual amount of call activity today, as retail investors flock to artificial intelligence stocks. AI is the #3 trending stock on social media site StockTwits. Last seen 8.9% higher to trade at $16.42, more than 50,000 calls have crossed the tape -- volume that's 28 times the amount typically seen at this point. AI is now 44.8% higher in 2023, guided higher this month by its 10-day moving average.
Axos Financial Inc (NYSE:AX) was last seen 12.6% higher at $47.36, trading near the top of the New York Stock Exchanged (NYSE). The company reported fiscal second-quarter earnings and revenue that beat Wall Street's estimates, leading two analysts to increase their price targets. Year-to-date, AX is up 23.5%.
Conversely, Bitcoin (BTC)-adjacent Silvergate Capital Corp (NYSE:SI) is trading near the bottom of the NYSE after suspending dividend payouts on some of its preferred stock. Last seen down 6.2% to trade at $13.24, Silvergate stock is now down more than 86% in the last 12 months.