Big Tech Pulls Market Higher After Inflation Reading

Anther cooler-than-expected inflation reading is boosting sentiment

Deputy Editor
Apr 13, 2023 at 12:33 PM
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Wall Street is seeing gains following another upbeat inflation report, with March's producer price index (PPI) coming in cooler-than-expected. Big Tech is leading the charge today, with Amazon.com (AMZN), Alphabet (GOOGL), and Meta (META) all higher this afternoon. The S&P 500 Index (SPX) is solidly in the black, while the Nasdaq Composite Index (IXIC) is set to snap a three-day losing streak and, along with the Dow Jones Industrial Average (DJI), sports a triple-digit lead. 

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

  • Blue-chip stock pops on analyst and FDA buzz.
  • Unpacking Fastenal's quarterly report.
  • Plus, Nordstrom calls pop; Chegg stock continues to rise; and Progressive missed profit estimates.

Midday Market Stats April 132023

Options bulls are targeting Nordstrom Inc (NYSE:JWN) today, with 14,000 calls traded so far -- 12 times the intraday average -- in comparison to 2,154 puts. The weekly 4/14 17-strike call is the most popular, followed by the April 17 call, with new positions being opened at both. At last glance, JWN was up 2.7% at $16.22, and now sports a fractional year-to-date gain. 

JWN Chart April 132023

Shares of Mexico-based discount airline Controladora Vuela Co Avcn SA CV (NYSE:VLRS) are near the top of the New York Stock Exchange (NYSE), last seen up 9.3% at $12.32. The equity is extending its run up the charts, after recently reporting that domestic air travel was up 28% during January and February on a year-over-year basis. Year-to-date, VLRS is up more than 47%.

Meanwhile, the shares of Infosys Ltd ADR (NYSE:INFY) are performing the worst on the NYSE, after the company reported it expects revenue growth to hit a six-year low, as the majority of its clientele battle recession fears. Skepticism toward the IT and consulting name has swarmed in response, adding to the equity's already 20% year-over-year deficit.

 

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