A wishy-washy August CPI reading has investors anxious for next week's Fed meeting
Stocks are slowly but surely turning higher midday, after opening the session in the red. The August consumer price index (CPI) reading is the talk of the Street, with broader CPI hotter than expected but the core numbers much more in line with estimates. Next week's Fed meeting now shifts into focus, with investors keen to assess the probability and magnitude of interest rate hikes for the rest of the year.
Continue reading for more on today's market, including:
- 2 auto stocks on the rise today.
- Pharma stock at new heights after FDA news.
- Plus, OSTK bulls charge, Adobe stock hot before earnings; and a bear note for CROX.
Overstock.com Inc (NASDAQ:OSTK) is seeing a surge in options activity today, with a bullish slant. At last check, 8,335 calls have exchanged hands so far today, volume that's nearly double the average intraday amount. The October 22.50 call is the most popular, with new positions being bought to open. The retail stock is 36% lower for the quarter but up 7% for the year still.
Adobe Inc (NASDAQ:ADBE) is one of the better stocks on the S&P 500 Index (SPX) today, last seen up 1.7% to trade at $551.35. Ahead of the software company's earnings report tomorrow, Adobe today unveiled a variety of artificial intelligence (AI) features in its products. Citigroup hiked its price target to $570 from $544 in response. ADBE is up 64% in 2023.
Crocs Inc (NASDAQ:CROX) is on the other end of the spectrum, off by 3.1% to trade at $89.01. UBS slashed its price target on the shoe retailer to $113 from $122 this morning, a level that's still a healthy premium from its current perch. CROX is 18.1% lower on the year and is no stranger to bear notes this month.