Dow, S&P 500 Nab Fresh Record Highs

The Dow is heading for its third-straight triple-digit gain

Managing Editor
Jan 22, 2024 at 11:53 AM
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Now these are the conditions many had anticipated in 2024. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) both nabbed record highs this morning, with the former poised for its third-straight triple-digit pop. The Nasdaq Composite (IXIC) is also confidently in the black, as investors cheer the official start of a bull run. At last check, the 10-year Treasury yield had retreated below 4.1%, while CME's FedWatch tool is now pricing in a roughly 46% chance of a Fed rate cut in March.

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

  • Watch this airline earnings report after the close today.
  • Legal woes sink global grains stock.
  • Plus, FUTU bears call a bottom; JBHT's big upgrade; and AMD cools off, slightly.

MMC Stats Jan 22

Futu Holdings Ltd (NASDAQ:FUTU) stock is seeing an uptick in options volume today. At last check, over 5,800 calls have changed hands, volume that's double the average intraday amount and nearly triple the number of puts traded. The weekly 3/1 50-strike call is seeing a huge block of sell-to-open activity today. China-based stocks are broadly lower today, and the fintech stock is not exempt, last seen down 4.3% to trade at $44.80. Year-to-date, FUTU is off by 18%. 

J B Hunt Transport Services Inc (NASDAQ:JBHT) is near the top of the leaderboard today, last seen up 3% to trade at $204.64, after UBS upgraded the logistics stock to "buy" from "neutral," to go with a price-target hike to $234 from $205. JBHT is heading for its highest close since August, but is up only 8% year-over-year. 

Advanced Micro Devices, Inc. (NASDAQ:AMD) stock is sitting out today's rally, last seen down 5.3% to trade at $164.37. Weighing on the chipmaker is a downgrade to "market perform" from "outperform." Despite the bear note, AMD hit a record high of $174.72 out of the gate this morning, before pivoting lower. Friday marked a record close for the stock, which is up 136.8% year-over-year.

MMC Stock Chart AMD


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