Dow Cautiously Higher Ahead of Fed Decision

Investors are still unpacking Big Tech earnings

Digital Content Manager
Jul 26, 2023 at 11:51 AM
facebook X logo linkedin


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.

MMC Stats 0726

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%.

 

SNAP 20 Day

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%.
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI