GDP and PCE price index readings are in focus
The Dow Jones Industrial Average (DJI) could match its longest win streak since June 1987 today with a 14th consecutive win. The blue-chip index is slightly above breakeven at midday, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher after another batch of earnings. Also in focus is the latest gross domestic product (GDP) reading, which rose a better-than-expected 2.4% during the second quarter, while the personal consumption expenditures (PCE) price index saw a 2.6% pop that was smaller than analysts' estimates.
Continue reading for more on today's market, including:
- Meta Platforms stock surges after beat-and-raise.
- Options traders blast fast food stock after earnings.
- Plus, QS calls red-hot; construction stock hits record highs; and Biohaven stock sinks on FDA snub.
Quantumscape Corp (NYSE:QS) is seeing unusual options activity today, with 101,000 calls and 25,000 puts traded so far, which is 14 times the intraday average volume. Most popular is the weekly 7/28 11-strike call, where new positions are being opened. Shares are up 27.5% at $11.95 at last check, after the lithium metal battery company yesterday announced slimmer-than-expected second-quarter losses. The security earlier hit its highest level in 11 months, and is up 110.6% year-to-date.
North American Construction Group Ltd (NYSE:NOA) is toward the top of the New York Stock Exchange (NYSE) today, last seen up 36.9% at $25.85. This bull gap comes after the company's second-quarter results beat analysts' expectations. The stock earlier surged to a record high of $26.01, blasting through a long-term ceiling at the $20 region amid two price-target hikes and an upgrade from TD Securities to "buy" from "hold." NOA is up 93.4% in 2023.
Biohaven Ltd (NYSE:BHVN) stock is down 26.1% to trade at $17.59 at last check, at the bottom of the NYSE. The U.S. Food and Drug Administration (FDA) told the biotech name it would not review a marketing application for its genetic disorder treatment after it failed to meet the main goal of a late-stage study. BHVN is now trading at its lowest level since early May, but remains up 28.2% this year.