Wall Street Set to Extend Rally After Economic Updates

Earnings season is injecting even more optimism

Deputy Editor
Nov 2, 2023 at 12:13 PM
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Wall Street's rally is gaining even more momentum today, as Treasury yields dip following the Fed's decision to leave interest rates unchanged, as well as a deluge of economic data. The Dow Jones Industrial Average (DJI) more than 380 points higher this afternoon and pacing for its fourth-straight win alongside the S&P 500 Index (SPX), while the Nasdaq Composite Index (IXIC) is set to lock in its fifth consecutive gain.

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

  • Coffee stock aiming for best day in 3 years.
  • What's weighing on this online lodging company's shares.
  • Plus, 3 stocks making big post-earnings moves.

Midday Market Stats 2 .November 22023

Last seen up 17% at $17.46, Palantir Technologies Inc (NYSE:PLTR) is seeing an unusual amount of options traded today, after the data analytics company best analysts earnings and revenue expectations for the third quarter. Already today, 339,000 calls and 120,000 have exchanged hands, five times the volume typically seen at this point. New positions are opening at the top four most popular contracts, led by the weekly 11/3 18.50-strike call. Pacing for its best single-day percentage gain since May, PLTR just bounced off of long-term support from its 140-day moving average and extended its year-to-date lead to nearly 175%.

PLTR MMC Chart November 22023

Lemonade Inc (NYSE:LMND) is the best performing security on the New York Stock Exchange (NYSE), after the company posted a smaller-than-expected third-quarter loss on the back of a revenue beat. At last glance, LMND was up 38.6% at $15.24, putting it back above its year-to-date breakeven mark.

Shares of automotive technology supplier Aptiv PLC (NYSE:APTV) are down 13.5% at $74.61 this afternoon, taking the equity's year-to-date loss to more than 20%. This dip comes even after the company beat third-quarter earnings expectations. Instead, investors are focusing on Aptiv's warnings that the UAW strike could have a $180 million impact, as well as CFRA's $20 target price cut to $130.



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