Dow, Nasdaq Up Triple Digits as Investors Cycle Back Into Tech

The SPX is pacing for a record close

Deputy Editor
Mar 12, 2024 at 12:07 PM
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Today's inflation data was right around what economists expected, helping stocks rise across the board. Most notably, the reading bolstered confidence in tech equities again, helping the Nasdaq Composite (IXIC) to a hefty triple-digit lead. The Dow Jones Industrial Average (DJI) is more than 270 points higher, too, while the S&P 500 Index (SPX) is on track for a record close.

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

  • Why this Airline stock might be grounded for the time being.
  • Another AI-favorite tech firm reports earnings.
  • Plus, Kohl's sees post-earnings options activity; BODI's bounce back; and AEVA's reverse stock split.

Midday Market Stats March 122024

Options traders are piling on Kohl's Corp (NYSE:KSS) after earnings. Kohl's beat earnings and revenue estimates for the fourth quarter, and announced the addition of Babies R Us to around 200 stores later this year. Despite this, the company posted a weak annual sales and profit outlook for 2024. Bears are outpacing bulls in the options pits, with 14,000 puts traded so far versus 10,000 puts. This volume is at four times the intraday average amount, with the March 26 put leading the way. Whatever the case, Kohl's stock has room to run higher, as its down 7.6% in 2024.

Beachbody Company Inc (NYSE:BODI) is recovering from yesterday's post-earnings dip, and was last seen 15.4% higher at $10.50 to stand near the top of the New York Stock Exchange (NYSE). Beachbody's fourth-quarter losses were wider than analysts expected, which saw the stock shed 2.7% yesterday. However, BODI just bounced back above long-term pressure at the $10 mark and now stands 26.7% on the year.

BODI Chart March 122024

The only equity performing worse than Southwest Airlines (LUV) on the NYSE today is Aeva Technologies Inc Inc (NYSE:AEVA) stock, which is 19.2% lower at $1.05 at last glance. Weighing on the equity today is the effective date of the company's reverse stock split, set for March 18. Despite today's plummet, AEVA still sports a 38.6% year-to-date gain.

 

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