Wall Street Heads for Upbeat End to Rocky Month

This morning's inflation data is still in focus

Laura McCandless

Deputy Editor

Aug 31, 2023 at 11:44 AM

It's looking like a strong end to a sour month on Wall Street, with all three major indexes modestly higher and headed for fifth-straight daily wins. A strong earnings report from Salesforce (CRM) is helping lift the Dow Jones Industrial Average (DJI), as the blue-chip index heads for its longest win streak since July. Investors are still unpacking this morning's jobless claims and inflation data, and looking ahead to tomorrow's nonfarm payrolls report. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is headed for its ninth daily loss in the last 10 days.

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

Shopify makes use of Amazon Prime.
AI-related stock downgraded after worst month on record.
Plus, options traders target CRM; and 2 stocks swinging opposite directions after earnings.

MMC Aug31

As previously mentioned, Salesforce Inc (NYSE:CRM) is in the spotlight, after the Dow member posted better-than-expected second-quarter results and lifted its full-year forecast. A flood of analysts chimed in with price-target hikes after the event, and CRM is up 4% at $223.61 at last check. So far, 32,000 calls and 63,000 puts have been exchanged, which is already 8 times the average daily options volume. The weekly 9/1 230-strike call is the most popular, with new positions opening there. On the charts, today's bounce has the stock back above its 60-day moving average.

CRM Aug31

Academy Sports and Outdoors Inc (NASDAQ:ASO) is up 14.7% at $57.29 at last glance, after the company's strong second-quarter results and full-year forecast. Today's pop has the stock back above the $55 level, which provided support before this month's pullback. Since the start of the year, ASO is up 8.3%.

Meanwhile, Lands' End Inc (NASDAQ:LE) is down 21.3% to trade at $8.07 and on the short sell restricted (SSR) list today, after the retailer's wider-than-expected second-quarter losses of 25 cents per share and revenue miss. LE is still up 5.5% in 2023, however.

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