Dow Falls From Highs; S&P 500 Lingers Below 5,000

The Dow and S&P 500 are trading near milestones

Deputy Editor
Feb 8, 2024 at 11:59 AM
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The Dow Jones Industrial Average (DJI) is down triple digits today, despite Walt Disney's (DIS) post-earnings pop, following yesterday's record highs. The S&P 500 Index (SPX) is still hovering below the psychologically significant 5,000 level, which would mark never-before-seen heights for the index, while the Nasdaq Composite (IXIC) is inching higher despite rising bond yields.

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

  • Why Arm Holdings stock is soaring to record highs
  • Walt Disney stock on track for best day since 2020. 
  • Plus, call traders eye SHOP; RL hits nine-year highs after earnings; and LITE plummets after results. 

MMC Feb8

Options bulls are targeting Shopify Inc (NYSE:SHOP) today, after the stock's pre-earnings bull note. The company's fourth-quarter report is due out before the open on Feb. 13, and Citigroup today lifted its price target to $96 from $87. So far, 102,000 calls have been exchanged compared to 30,000 puts, with overall volume already hitting double the daily average. The weekly 2/9 90-strike call is the most popular, where new positions are being opened. At last glance, SHOP was up 3.8% at $88.41, and trading at nearly two-year highs. 

SHOP Feb8

Ralph Lauren Corp (NYSE:RL) is gapping to nine-year highs today, after the apparel retailer's strong fiscal third-quarter results and profit margin forecast. RL was last seen up 13.6% at $167.27. Year over year, the equity is up 42.7%. 

On the other hand, Lumentum Holdings Inc (NASDAQ:LITE) is down 17% at $48.76 at last glance, despite better-than-expected fiscal second-quarter results, after the company's current-quarter forecast disappointed.  Dropping below support at its 40-day and 320-day trendlines, LITE is down 20% in the last 12 months. 

 

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