S&P 500, Nasdaq Cruise Toward 5th-Straight Win

Netflix and semiconductor earnings are powering the tech sector today

Managing Editor
Jan 24, 2024 at 12:00 PM
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Stocks are higher across the board today, though the big story remains with the Nasdaq Composite (IXIC), up triple digits and heading for a fifth-straight win thanks to a combination of semiconductor outperformance and Netflix (NFLX) earnings. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are also in the black, the former testing 38,000 once more and the latter on track for a fifth-straight win as well.

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

  • Unpacking all the NFLX buzz today. 
  • Chip stocks are rallying because of this 2023 pick. 
  • Plus, bulls eye SNOW's halo lift; aerospace stock breaks out; and DD gaps lower.

MMC Stats Jan 24

Options bulls are targeting Snowflake Inc (NYSE:SNOW) stock with gusto today. At last check, over 82,000 calls have changed hands, volume that's four times the average intraday amount and projected to hit annual highs later today. The weekly 1/26 210-strike call is most popular, as is the 215- and 220-strike calls in the same series, with new positions being sold to open at the latter two. SNOW is up 1.7% to trade at $209.38, and earlier hit a two-year high of $210.01, as cloud companies enjoy a halo lift from SAP's upbeat forecast.

Textron Inc. (NYSE:TXT) stock is near the top the New York Stock Exchange (NYSE) today, last seen up 8% to trade at $85.64. The aerospace company's fourth-quarter beat-and-raise is fueled TXT to a record high of $85.72 earlier. TXT is now up 23% in the last 12 months, and today's breakout has the shares toppling an uptrend line since a late-July post-earnings bull gap.

MMC Stock Chart TXT

On the other end of the spectrum is chemical stock DuPont de Nemours Inc (NYSE:DD), last seen down 13.2% to trade at $64.83. The company's first-quarter profit forecast fell short of estimates, prompting a price-target cut to $70 from $75 at Jefferies. DD is trading at its lowest level since May, and has now breached its year-over-year breakeven level.

 

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