The Fiscal Responsibility Act faces a major hurdle
Wall Street is all over the place today, as the Fiscal Responsibility Act -- a product of House Speaker Kevin McCarthy and U.S. President Joe Biden -- faces a roadblock. Two of the House Rules Committee's nine Republican members signaled opposition to bringing the compromise bill to the floor for a vote, stoking investors' anxieties as the default deadline draws nearer.
At last glance, the Dow Jones Industrial Average (DJI) is down roughly 80 points, while the S&P 500 Index (SPX) is marginally higher. Elsewhere, the Nasdaq Composite Index (IXIC) sports a healthy midday lead, after Nvidia (NVDA) crossed the $1 trillion market cap threshold, further boosting tech stocks amid a historic year for semiconductor stocks.
Continue reading for more on today's market, including:
- Coinbase stock is the "best expression of crypto," says analyst
- ChargePoint stock pops after upgrade.
- Plus, two stocks seeing Nvidia tailwinds, and Kohl's pares post-earnings pop.
Intel Corporation (NASDAQ:INTC) stock is up 1.4% at $29.42 midday, as chip stocks enjoy tailwinds from Nvidia's massive market cap achievement. At last check, 77,000 calls have been traded, volume that's three times the intraday average pace. New positions are opening at the two most popular contracts, the weekly 6/2 30-strike call and the June 30.50 call, respectively. After pulling back from its Feb. 4, 2023 high of $33.84, Intel stock is now sports an 11.2% year-to-date gain.
Another company linked to Nvidia is trading at the top of the New York Stock Exchange (NYSE). C3.ai Inc (NYSE:AI) was last seen up 14.7% at $37.79, with additional tailwinds coming from news that C3.ai's generative AI will be added to the Amazon Workspace (AWS) Marketplace. Now, AI sports a 238.6% year-to-date lead.
Kohl's Corporation (NYSE:KSS) is pulling back after last week's surprise quarterly profit, and today trading near the bottom of the NYSE. The stock was last seen down 4.7% at $19.09, and adding to a more than 54% year-over-year deficit.