Cooling inflation is driving investor optimism
Stocks are higher this afternoon, on the heels of a cooler-than-expected producer price index (PPI) reading. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all eyeing fourth-straight daily gains, as investor optimism continues to build thanks to slowing inflation rates. Wall Street's attention is now shifting to the earnings docket, with a slew of bank names set to announce quarterly results tomorrow.
Continue reading for more on today's market, including:
- Lifted profit forecast sends Delta Air Lines stock soaring.
- Coinbase stock dinged by analyst downgrade.
- Plus, MGM options red-hot; software stock toppling technical pressure; and Progressive stock down in the dumps.
MGM Resorts International (NYSE:MGM) is getting attention in the options pits, with 34,000 calls and 28,000 puts across the tape so far -- 18 times the volume that's typically seen at this point. Most active is the weekly 9/15 50-strike call, where new positions are being bought to open. MGM was last seen up 4.1% at a fresh one-year high of $49, and is now pacing for its fifth-straight daily gain. Year-over-year, the security is up 67.9%.
Unity Software Inc (NYSE:U) was last seen 9.1% higher at $47.61, and earlier surged to a 2023 high of $47.70. The security is looking to close above overhead pressure from its $45 level for the first time in nearly a year, and currently sports a 64.5% lead for 2023.
Progressive Corp (NYSE:PGR) is one of the worst names on the New York Stock Exchange (NYSE) today. The insurance name's second-quarter profits and revenue missed analysts' estimates, driving the shares down 11.4% to $117.09 at last check -- their lowest level since October. Pressure from its 60-day moving average has been keeping a lid on the stock since April, contributing to its 9.8% year-to-date deficit.
