Stocks Start Week on a Hesitant Note

Wall Street is fresh off a record-setting run

Deputy Editor
Feb 26, 2024 at 11:59 AM
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Stocks are barely moving to start the week, just one session removed from record highs for the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC). In today's news, new home sales rose 1.5% to come in at 661,000 in January, missing estimates of 680,000, while Amazon.com replaced Walgreens Boots Alliance on the Dow. Meanwhile, investors are already looking ahead to Thursday's inflation data, and still monitoring tech's artificial intelligence (AI)-induced rally. 

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

  • Billion-dollar metal merger to watch today. 
  • Behind Gap stock's bull note.. 
  • Plus, options traders eye PANW; ALT soars; and moon lander woes crush LUNR. 

MMC Feb26

Option traders are targeting Palo Alto Networks Inc (NASDAQ:PANW), as the stock heads for its third-straight day of gains following its worst day ever. So far, 157,000 calls and 69,000 puts have been exchanged, which is nearly three times the average daily options volume. The weekly 3/1 300-strike call is the most popular, with new positions opening there. At last look, PANW was up 8.6% at $306.41. 

panw feb26

Altimmune Inc (NASDAQ:ALT) is soaring today, after sector peer Zealand's obesity drug showed promise in fatty-liver patients. Up 28.7% at $11.84 at last glance, ALT is trading at its highest levels since mid January. Since the start of the year, the equity is up 5.7%. 

Space exploration stock Intuitive Machines Inc (NASDAQ:LUNR) is at the bottom of the Nasdaq today, after news that moon lander, Odysseus, tipped over and is currently on its side. Down 27.2% at $6.98 at last look, the equity is still up 173% since the start of the year. 

 

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