Fed fatigue that's plagued markets in 2023 is fading, for now
The Dow Jones Industrial Average (DJI) is on track for a seventh-straight triple-digit move -- this time to the upside -- as Fed fatigue starts to fade on Wall Street. The blue-chip index was last seen up over 400 points, barreling toward its biggest single-session gain since Jan. 6. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are also confidently higher, as investors weigh the latest jobless claims with an improving bank sector backdrop.
Continue reading for more on today's market, including:
- Vertical debt spread profits off sliding Tesla stock.
- No post-earnings bull gap for Darden Restaurant stock.
- Plus, FUTU bears pile on; SNAP builds on big 2023; and Hindenburg torches Block.
Futu Holdings Ltd (NASDAQ:FUTU) is getting blitzed by options traders today, with over 6,700 puts changing hands, volume that's seven times the average intraday volume. There's notable activity occurring at the April 50 put. So far, the fintech name is up 22% in 2023.
Snap Inc (NYSE:SNAP) is up 7.8% to trade at $11.92 at last check. Though the specific catalyst is unclear, the social media staple did unveil a new enterprise solution to improve and scale Snap's augmented reality features. SNAP is up 33% in 2023.
On the other end of the spectrum is Block Inc (NYSE:SQ), last seen down 10.4% to trade at $64.57. This morning, notorious short seller Hindenburg Research published a new position on SQ, noting the payments platform has "wildly overstated its genuine user counts and has understated its customer acquisition costs." SQ is trading at its lowest level since Jan. 5, but is holdings its year-to-date breakeven level.
