The Dow is off triple digits this afternoon
The Dow Jones Industrial Average (DJI) is down triple digits this afternoon, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also firmly lower. Traders are looking ahead to tomorrow's release of March's consumer price index (CPI) that could impact the central bank's interest rate decision, though fewer on Wall Street now expect a rate cut in June.
Continue reading for more on today's market, including:
Options bulls are targeting Grupo Financiero Galicia S.A.(NASDAQ:GGAL) today, with 29,000 calls exchanged so far, or 38 times the volume that is normally seen at this point. The July 30 call is the most active contract, with positions opening there. The security is up 4.1% to trade at $28.86 at last check, and earlier scored a four-year high of $30.16 with support from its 20-day moving average. Today's pop follows the company's acquisition of HSBC's (HSBC) Argentina business. GGAL is up 70.7% in 2024.
Xpeng Inc (NYSE:XPEV) was last seen up 8.6% to trade at $8.07, near the top of the New York Stock Exchange (NYSE). There is no clear catalyst for today's positive price action, but shares are bouncing off an April 8, 52-week low of $7.18. A ceiling at the $9 region is keeping this rally in check, however, and so far this year the equity had shed 45%.
Team Inc (NYSE:GCTS) is toward the bottom of the NYSE today, down 12.7% at $7.04 at last glance, after the construction company appointed Pamela Mcginnis to its board of directors. The equity is pacing for their worst single-day percentage loss since March 11, but the 40-day moving average looks ready to contain this bear gap. During the past 12 months, GCTS added 15.8%.