Dow Up 356 Points on Upbeat Bank Earnings

The Nasdaq is lower this afternoon

Digital Content Manager
Jul 18, 2023 at 11:51 AM
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The Dow Jones Industrial Average (DJI) is up 356 points this afternoon, reversing its morning losses and pacing for a seventh-straight daily win, after securing a new 2023 intraday high. Upbeat earnings from the bank sector are driving this positive price action, with the S&P 500 Index (SPX) sporting a healthy midday lead as well. Meanwhile, the Nasdaq Composite (IXIC) is lower on the heels of lackluster retail sales data.

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

  • Expansion plans push Chipotle stock to record high.
  • Lockheed Martin delivers beat-and-raise
  • Plus, bulls blast SCHW after earnings; CLBR on track for best day ever; and COHR downgraded.

MMC Stats 0718

Charles Schwab Corporation (NYSE:SCHW) reported better-than-expected second-quarter results today, thanks in part to higher asset management fees. Options traders are chiming in, with 97,000 calls and 65,000 puts traded so far, which is eight times the intraday average volume. Most popular is the January 2024 52.50-strike put. SCHW is up 11.9% to trade at $65.62 at last check, after earlier surging to its highest level since early March and breaking above the 120-day moving average.

SCHW 120 Day

Colombier Acquisition Corp (NYSE:CLBR) is the best stock on the New York Stock Exchange (NYSE) today, up 23.1% at $12.62 at last check. The catalyst behind today's bull gap remains unclear, but the equity earlier surged to a record high of $11.94 and is eyeing its biggest single-day percentage win on record, despite dropping to a 2023 low of $9.40 just last week.

Meanwhile, Coherent Corp (NYSE:COHR) is towards the bottom of the NYSE. The equity is down 5.2% at $48.46 at last check, after BofA Global Research downgraded it to "neutral" from "buy" following the appointment of Dr. Christopher Dorman as executive vice president of lasers business. Year-to-date, COHR maintains a 39% lead.

 

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