Dow Breaks Morning Silence, Up Triple Digits

The Federal Reserve's July minutes are due out later today

Deputy Editor
Aug 16, 2023 at 12:04 PM
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The Dow Jones Industrial Average (DJI) has sprung out of this morning's muted price action, up triple digits at last check, as Travelers (TRVL) stock leads the charge. Meanwhile, the S&P 500 (SPX) and Nasdaq Composite (IXIC) are still moving quietly on both sides of the aisle. Wall Street is also looking ahead to the Federal Reserve's July meeting minutes, which are due out at 2 p.m. ET.

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

  • Quarterly win pushes retail stock to record highs. 
  • H & R Block stock climbs into positive territory for the year. 
  • Plus, options traders respond to TGT earnings; Hawaiian Electric stock bouncing back; and COHR's worst day ever.

MMC Aug16

Target Corp (NYSE:TGT) is the most popular stock in the options pits today. The shares are up 3.9% at $129.95 after the retailer's strong second-quarter earnings report, though it did lower its full-year forecast. So far, 132,000 calls and 112,000 puts have exchanged hands, which is 10 times the average intraday volume. Expiring at the end of this week, the August 135 call is the most active contract, with new positions opening there. Rebounding from yesterday's three-year low, TGT is down 13.1% year-to-date. 

TGT Aug16

Hawaiian Electric Industries (NYSE:HE) is up 6.6% at $15.77, looking to snap its six-day losing streak. The equity dropped over 64% during its past two sessions, amid the disastrous wildfires in Maui. Year-to-date, HE is down over 60%. 

Coherent Corp (NYSE:COHR) is on track for its worst day ever, down 33.5% at $31.28 at last glance. The stock is brushing off better-than-expected fiscal fourth-quarter results after the company's disappointing current-quarter and full-year forecasts. In response, Rosenblatt Securities lowered its price target to $45 from $55. Dropping below recent support at the $44 level, COHR is down 10.7% since the start of the year. 


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