Can the blue-chip benchmark withstand the Fed's rate decision?
Today could be big for the Dow Jones Industrial Average (DJI), which is slightly above breakeven at midday, as it paces for its 13th consecutive win. If the blue-chip benchmark holds onto those gains, however small, it could mark its longest win streak since January 1987. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are both lower, as Wall Street unpacks Big Tech earnings ahead of the Federal Reserve's interest rate decision later this afternoon.
Continue reading for more on today's market, including:
- Boeing boosts production after quarterly win.
- Alphabet stock raking in post-earnings bull notes.
- Plus, 2 stocks slipping on dismal outlooks, and why SIMO is surging today.
Options traders are blasting Snap Inc (NYSE:SNAP) today, after the social media giant issued a lackluster current-quarter outlook. So far, 179,000 calls and 140,000 puts have already crossed the tape, which is six times the volume that's typically seen at this point. The weekly 7/28 10-strike put is most popular, with new positions opening there. SNAP is down 19% at $10.14 at last check, brushing off better-than-expected second-quarter results, and eyeing its first close below the 20-day moving average since June. Year-to-date, SNAP is still up 14.2%.
Silicon Motion Technology Corp. (NASDAQ:SIMO) is leading the Nasdaq, last seen up 77.9% at $92.84. The company is gearing up for its second-quarter earnings report, which is due out after tomorrow's close, with analysts expecting profits of 46 cents per share. Plus, Maxlinear (MXL) has plans to buy the company for $114.34 per share. SIMO earlier notched a one-year high of $94.32, and is up 69.5% in the last nine months.
SunPower Corp (NASDAQ:SPWR) is near the bottom of the Nasdaq, down 17.2% to trade at $9.30 at last check. Today's bear gap came after the company slashed its 2023 revenue guidance and announced preliminary net losses of $30 million for the second quarter. A floor at the $9 region seems to be containing today's pullback, but so far this year SPWR is down 48.3%.