Dow Climbs 113 Points After Powell Remarks

Stocks are looking for direction after the Fed speech

Managing Editor
Aug 25, 2023 at 12:10 PM
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The Dow Jones Industrial Average (DJI) is up 113 points at last glance, as the S&P 500 Index (SPX) inches higher, and the Nasdaq Composite Index (IXIC) moves lower on the heels of Federal Reserve Chairman Jerome Powell's comments at the Jackson Hole Symposium in Wyoming. 

Though Powell is supportive of the economy's recent progress, he noted the central bank remains uncomfortable with the current state of inflation and is mindful of the two-sided risks at stake. The Dow is eyeing a weekly loss, while the latter two indexes cling to week-to-date gains. 

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

  • Analysts crowd fintech stock after earnings.
  • Brokerage bets on 20% upside for FAANG name.
  • Plus, 2 post-earnings pops; and class action lawsuit filed against Hawaiian Electric.

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Making moves in the options pits today is tax giant Intuit Inc. (NASDAQ:INTU), with 4,528 calls and 4,425 puts exchanged so far, which is five times the intraday average amount. Most popular is the expiring, weekly 8/25 515-strike call. The shares we last seen up 2.1% at $509.01, after the company reported a fiscal fourth-quarter earnings and revenue beat. Year-to-date, INTU is up 30%.

One of the best performers on the New York Stock Exchange (NYSE) today is Gap Inc (NYSE:GPS), after the retailer announced upbeat second-quarter profits and landed several bull notes. Gap stock sits at its year-over-year breakeven mark, and is running into the 160-day moving average overhead. At last check, GPS is up 3.3% at $9.84.

Hawaiian Electric Industries, Inc. (NYSE:HE) is among the worst performers on the NYSE today, last seen down 17% at $9.85, after Maui County filed a class action lawsuit against the company amid allegations of negligence to shut power lines that resulted in the deadly wildfires. HE is now off 76.5% year-to-date and unsurprisingly trading at record lows.

HEMMC

 

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