Dow Conquers 35,000 Level, Eyes 8th-Straight Win

The earnings season is just getting started

Digital Content Manager
Jul 19, 2023 at 11:43 AM
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The Dow Jones Industrial Average (DJI) conquered the 35,000 level today for the first time since April 2022, and is looking to extend its longest win streak since March 2021. The blue-chip index is up 162 points this afternoon, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sport midday leads of their own. Strong earnings reports are driving today's optimism, with more bigwigs set to announce quarterly results after the close, including Tesla (TSLA) and Netflix (NFLX). 

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

  • Behind Carvana's best quarter on record.
  • Cinemark stock downgraded to "neutral."
  • Plus, why call traders are picking up T; insurance stock nabs 2023 high; and TOST sinks on removed processing fee.

MMC Stats 0719

AT&T Inc. (NYSE:T) is seeing unusual options activity, after the company noted it does not plan on removing lead cables from Lake Tahoe yet, as it "represent less than 10% of its copper footprint." So far, 277,000 calls and 44,000 puts have been exchanged, six times the intraday average, with the July 14 call standing out as the most popular contract. Last seen up 8.4% at $14.59, the security has yet to close the series of bear gaps that pushed it below support at the $15 level an to an all-time low of $13.43.

 

T Intraday

Lemonade Inc (NYSE:LMND) is near the top of the New York Stock Exchange (NYSE), up 14.5% at $23.85 at last check, though there seems to be no clear catalyst driving this bull gap. The shares earlier surged to a 2023 high of $23.70, and are up 72.4% year-to-date.
 
Toast Inc (NYSE:TOST) is pacing the NYSE's laggards today, down 14.6% at $22.87 at last check. This negative price action came after the company removed a 99 cents order processing fee from the new version of its digital ordering suite. TOST is still up 58.2% year-over-year.
 

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