Consumer confidence improved this month
Wall Street's rally is resuming this afternoon, after U.S. consumer confidence improved this past month. Specifically, the Conference Board's index rose to 102, ahead of estimates of a jump to 101, though the expectations index reading was still consistent with recession.
In response, the Dow Jones Industrial Average (DJI) boasts a triple-digit midday lead. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are modestly higher, while the Cboe Volatility Index (VIX) is inching lower once again.
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Call traders are blasting 3M Co (NYSE:MMM) after J.P. Morgan raised its price target on the blue-chip manufacturing giant to $108 from $105. This bull note came after a U.S. appeals court ruled in favor of 3M and other manufacturers of "forever chemicals" a big win in the fights against legal liability for the toxic substances. At last glance, 18,000 calls have crossed the tape -- eight times the intraday average volume -- with the weekly 12/1 100-strike call standing as the most popular contract and seeing new positions being opened. The equity was last seen 1.5% higher at $98.56, looking to extend its weekly winning streak to three. However, MMM is still down 17.9% year to date, and facing pressure from its 120-day moving average.
PDD Holdings Inc (NASDAQ:PDD) stock is one of the Nasdaq's top performers this afternoon, after the China-based e-tailer beat analysts' earnings estimates. The equity was last seen 18.2% higher at $139.11, putting its 12-month gain at nearly 87%, and earlier hitting a two-and-a-half-year peak of $139.88.
At the other end of the Nasdaq, Citi Trends, Inc. (NASDAQ:CTRN) was last seen 15.8% lower at $22.21 following worse-than-expected earnings and revenue for the third quarter. Today's drop has CTRN trading below both its year-over-year and year-to-date breakeven marks.