Dow, Nasdaq Up Triple Digits; S&P 500 Nears 5,000

Both the Dow and Nasdaq are up triple digits

Deputy Editor
Feb 7, 2024 at 11:47 AM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are up triple digits today, while the S&P 500's (SPX) rise puts it near the psychologically significant 5,000 level. Moody's credit downgrade is weighing on regional bank stocks, while investors unpack a flood of earnings reports and await more Fed remarks. 

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

  • Uber stock brushing off strong quarterly results. 
  • CVS Health stock on the rise after earnings
  • Plus, call traders eye RBLX; ENPH soars after forecast; and SNAP heads for 7th-straight post-earnings loss. 

MMC Febu7

Options bulls are targeting Roblox Corp (NYSE:RBLX), after the tech name forecasted annual bookings above estimates in 2024. So far, 138,000 calls have been exchanged -- nine times the intraday average -- in comparison to 48,000 puts. The weekly 2/9 45-strike and 48-strike calls are the most popular contracts, with new positions opening at the latter. At last look, RBLX was up 7.2% at $43.53. 

Enphase Energy Inc (NASDAQ:ENPH) is soaring today, up 18.6% at $119.17 at last look, after news that the company expects strong demand in 2024 starting in the second quarter.  In response, Oppenheimer upgraded the shares to "outperform" from "perform," while a slew of other analysts chimed in with price-target adjustments. ENPH's 160-day moving average appears to be keeping a cap on gains today, however. Over the last 12 months, the equity is down roughly 48%. 

Snap Inc (NYSE:SNAP) is on track for its worst day since July 2022 after the social media name's fourth-quarter revenue missed estimates. Down 34.2% at $11.48 at last glance, SNAP looks likely to mark its seventh-straight post-earnings loss. Today's drop has the equity slipping into negative territory over the last 12 months and since the start of 2024. 

SNAP Feb7

 

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