Today's CPI reading was in line with analysts' expectations
Rallying bank stocks are fueling Wall Street's midday gains, as investors continue to unpack this morning's consumer price index (CPI) data. The Dow Jones Industrial Average (DJI) is 456 points higher at last check, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) both sport respectable leads as well.
Continue reading for more on today's market, including:
- Is Tinder's parent company a value stock?
- These three regional bank stocks are rallying.
- Plus, SCHW options pop; biotech concern scores bull note; and RAPT plummets after earnings.
Charles Schwab Corporation Common Stock (NYSE:SCHW) is 8.8% higher today and trading at $56.49 at last glance as part of the broader-market bank rally. The stock is also seeing increased options activity, with 63,000 calls and 51,000 puts across the tape so far -- eight times the volume typically seen at this point. The March 60 call is the most popular contract, while new positions are being opened at the second most popular contract, the June 30 put. Year-to-date and year-over-year, Charles Schwab stock is more than 32% higher.
Near the top of the Nasdaq today is Avid Bioservices Inc (NASDAQ:CDMO), last seen up 29.1% at $17.84. Keybanc upgraded the shares to "overweight" from "sector weight," after the biotech concern beat fiscal third-quarter earnings and revenue estimates. On its way to snapping a six-day losing streak, CDMO is pacing for its best session in more than a decade, and stands nearly 28% higher year-to-date.
Rapt Therapeutics Inc (NASDAQ:RAPT) is trading near the bottom of the Nasdaq, after the company's wider-than-expected fourth-quarter losses per share. The equity is 25.3% lower this afternoon, last seen trading at $19.89, though still holding on to a 1% year-to-date gain.