The Dow is flat before the Fed's interest rate decision
Wall Street is holding its breath ahead of this afternoon's interest rate decision from the Federal Reserve. The central bank is expected to keep rates unchanged, but Fed Chair Jerome Powell could reveal if cuts are on the horizon during his press conference later today. The Dow Jones Industrial Average (DJI) is flat midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sport modest gains, as investors unpack November's upbeat producer price index (PPI).
Continue reading for more on today's market, including:
- Analyst says video game stock is set to win.
- Possible 2024 headwinds ding Hertz stock.
- Plus, LYFT popular with bulls; ABM surges on quarterly win; and big investment spells trouble for Medifast stock.
Lyft Inc (NASDAQ:LYFTI) is seeing unusual bullish activity today, with 131,000 calls exchanged so far, or 10 times the intraday average volume, compared to just 1,227 puts. The most active contract is the February 20 call, where new positions are being opened. The driver behind today's interest in the ridesharing stock, which was last seen up 1.3% at $14.15, remains unclear. LYFT yesterday hit its highest level since February, and now sports a 27.4% year-to-date lead.
Among the best stocks on the New York Stock Exchange (NYSE) today is ABM Industries Inc (NYSE:ABM), last seen up 14.2% at $50.67. The company announced a fourth-quarter earnings and revenue beat earlier, and also provided its 2024 outlook. Shares surged to a 52-week high of $51.21 in response, and are currently pacing for their biggest single-day percentage gain in more than two years as they pace for their sixth consecutively daily win.
Conversely, Medifast Inc (NYSE:MED) stock near the bottom of the NYSE, down 12.9% at $65.65 at last check. The company announced earlier it will expand into the medically supported weight loss market through a $20 million investment in LifeMD (LFMD). MED is on track for its worst day since August 2022, and is slipping back below the 60-day moving average after a brief stint above it. The security is down over 43% in 2023.
