Dow Bounces Back, Eyes Best Day of the Month

Oil prices were last seen above $90

Managing Editor
Sep 14, 2023 at 11:57 AM
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Stocks are confidently higher today, with the Dow Jones Industrial Average (DJI) on track for its best day since Aug. 29. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are heading for their fourth win in the last five sessions, boosted by inflation and retail sales data from this morning. Elsewhere, oil prices are on the rise again, with front-month crude futures last seen up 1.7% at $90.07 per barrel.

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

  • Homebuilder stock ready to build on 2023 gains.
  • Warren Buffett's bounce dinged this tech stock.
  • Plus, call traders found CVNA floor; lofty goals for oil stock; and V weighs on DJI.


Carvana Co (NYSE:CVNAstock is a major target of options traders today. The stock was last seen up 14.1% at $56.19, although there's no specific catalyst. Regardless of reason, 117,000 calls have changed hands today, volume that's four times the average intraday amount. The September 53 call is the most popular, expiring tomorrow, with new positions being bought to open. The car retail stock is 1,082% higher this year.

Marathon Oil Corp (NYSE:MRO) stock is near the top of the SPX today, last seen up 2.1% to trade at $27.13. In addition to the tailwinds of oil prices, Raymond James hiked its price target to $45 from $40, with a bullish eye toward 2024. The equity has regained its year-to-date breakeven level today, with support emerging at its rising 40-day moving average.

MMC Stock Chart MRO

Dragging the Dow today is Visa (NASDAQ:VISA) stock, last seen off by 2.3% at $242.05, after announcing a Class B stock exchange proposal. There has been no timeframe given for a shareholder vote. V is up 16% in 2023 but has ceded support today at its rising 50-day moving average. 


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