Dow Holding Triple-Digit Lead as Fed Volatility Looms

After September expiry, the VIX is cooling off

Managing Editor
Sep 20, 2023 at 12:01 PM
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The Dow Jones Industrial Average (DJIA) sports a triple-digit lead midday, ahead of the Federal Reserve's decision and subsequent comments from Fed Chair Jerome Powell. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are on opposite ends of breakeven, the latter paring solid gains from the morning. After September Cboe Volatility Index (VIX) options expired at the open today, Wall Street's "fear gauge" is set to snap a three-day win streak. 

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

MMC Stats Sept 20

Options traders are loading up on IBM (NYSE:IBM) today, with over 33,000 calls changing hands at last check, volume that's seven times the average intraday amount. The weekly 9/22 150-strike call is the most popular, with new positions being bought to open. This morning, RBC initiated coverage with an "outperform" rating and $188 price target, the highest on Wall Street. IBM is 3.7% higher to trade at $150.84 at last glance, and amassed a 19.8% lead in the last 12 months.

MMC Stock Chart IBM

Steelcase Inc. (NYSE:SCS) stock is scaling the New York Stock Exchange (NYSE) today, last seen 26.2% higher to trade at $11.14, on track for its best single-session pop on record. The office furniture maker shared fiscal second-quarter earnings and revenue that topped estimates, helping the stock to its highest levels since last September. SCS is now up 56.8% in 2023. 

Chewy Inc (NYSE:CHWY) is on the other end of the spectrum, last seen down 4% to trade at $18.67, after a downgrade to "perform" from "outperform" at Oppenheimer. The analyst in coverage cited customer growth challenges for the pet e-tailer. Chewy stock earlier hit a record low of $18.47, and has now shed 49.7% in 2023.

 

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