The blue-chip index is rallying before inflation data hits
Stocks are rising before inflation data hits tomorrow, with the Dow Jones Industrial Average (DJI) up 158 points this afternoon, while the S&P 500 Index (SPX) is modestly higher, and the Nasdaq Composite (IXIC) is flat. Investors are largely expecting the Federal Reserve to hike interest rates by 25 basis points later this month, but the jury is still out as far as its September decision is concerned.
Continue reading for more on today's market, including:
- Analyst sees 33% upside for Zillow stock.
- Chip stock collecting price-target hikes.
- Plus, bulls blast PENN; pharma stock draws bull note; and REIT finding its footing.
Options bulls are targeting PENN Entertainment Inc(NASDAQ:PENN) today, with 47,000 calls traded, or 21 times the intraday average volume, compared to only 1,779 puts. Most popular are the July 30 and 28 calls, with positions opening at both. PENN is up 3.2% at $26.75 at last check, though there is no specific catalyst driving today's price action. Shares are eyeing their second-straight close above the 40-day moving average, and are up 12% quarter-to-date.
Among the top performers on the Nasdaq so far today is Eloxx Pharmaceuticals Inc (NASDAQ:ELOX), which was last seen up 132.7% at $9.10. The security earlier saw a price-target hike from Oppenheimer to $55 from $60, implying massive upside to its last close. Shares earlier surged to their highest level since May, and carry a 302.4% lead for 2023.
Peakstone Realty Trust(NYSE:PKST) stock is down 5% to trade at $24.87 at last glance, though the reason behind this bear gap is still unclear. The shares have only been publicly traded for a few months, hitting an April 19 record high of $46.54 shortly after their initial public offering (IPO). Though a floor is currently emerging at the $24 region, PKST carries an 11.8% quarter-to-date deficit.