Stocks Climb, SPX Record Close Within Reach

The Dow is up triple digits, yet bond yields remain elevated

Managing Editor
Jan 19, 2024 at 11:54 AM
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Stocks are higher to close out the holiday-shortened week, with the S&P 500 Index (SPX) gunning for a record close. The Nasdaq Composite (IXIC) and Dow Jones Industrial Average (DJI) are firmly in the black as well, the latter up triple digits. While investor optimism was buoyed by the University of Michigan's consumer sentiment survey that indicated a 21.4% year-over-year pop -- its highest level since July 2021, the 10-year Treasury yield remains undeterred in its quest higher, last seen above 4.15%.

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

  • Another retail stock boosted by layoffs. 
  • Chip stock ripe for more upgrades.
  • Plus, a red-hot tech stock; TRV's post-earnings pop; and more Delta headwinds.

MMC Stats Jan 19

Options traders are having a field day with Super Micro Computer Inc (NASDAQ:SMCI) stock. At last check, over 207,000 contracts have changed hands, volume that's 12 times the average intraday amount and already surpassing 52-week highs. Leading the charge is the weekly 1/26 400-strike call, while the January 400 strike call also sees a block of 10,000 contracts. The tech stock is up 30% to trade at $407.26, and earlier hit a record high of $417.57, after the company raised its second-quarter forecast, prompting three price-target hikes, the highest coming from Rosenblatt to $550 from $430. Now up 469% year-over-year, support has come from SMCI's ascending 160-day moving average. 

MMC Stock Chart SMCI

Travelers Companies Inc (NYSE:TRV) is pacing the SPX today, last seen up 4.8% to trade at $207.95, and earlier hitting a record high of $214.29. The insurance giant reported fourth-quarter earnings and revenue that blew past analyst estimates thanks to stronger underwriting and lower catastrophe losses. In response, BofA Global Research hiked its price target to $192 from $188. TRV is now 12.8% higher year-over-year. 

Delta Air Lines, Inc. (NYSE:DAL) stock is struggling once more, last seen down 3.4% to trade at $36.80. The airliner has canceled all Tel Aviv flights through April 30 amid ongoing conflict in the region. The airline stock has taken a 8.6% haircut in 2024, and is headed for its second-straight weekly loss of 4% or more. 

 

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