Stocks Continue Rally as Treasury Yields Drop

All three major indexes are looking to extend their win streaks

Deputy Editor
May 7, 2024 at 11:52 AM
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Stocks are on the rise today, with the Dow Jones Industrial Average (DJI) on track for its fifth-straight daily win, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) eye their fourth consecutive daily gains. The Dow is up 94 points midday, despite Walt Disney (DIS) stock's dramatic post-earnings drop, as falling bond yields give the market a boost. 

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

  • Analyst sees potential for Target stock
  • Gap stock higher after upgrade to "buy." 
  • Plus, options traders target PLTR; ZETA hits record high; and BYON crumbles after earnings. 

MMC May7

Options traders are targeting Palantir Technologies Inc (NYSE:PLTR) after the company's full-year revenue forecast fell short of estimates, despite strong artificial intelligence (AI) demand. The stock is brushing off no fewer than five price-target hikes, down 14.2% at $21.61 at last look, though support at the 100-day moving average appears to be capturing this pullback. So far, 537,000 calls and 260,000 puts have crossed the tape, which is already six times the average daily options volume. The weekly 5/10 22-strike call is the most popular, where new positions are being opened. 

PLTR May7

The shares of Zeta Global Holdings Corp (NYSE:ZETA) are soaring to record highs, up 19.8% at $15.57 at last glance, after the software name issued a strong full-year and fiscal second-quarter revenue outlook. The company reported mixed first-quarter results, but no fewer than eight analysts lifted their price targets. Since the start of the year, the stock is up roughly 77%. 

On the other hand, Bed Bath & Beyond parent Beyond Inc (NYSE:BYON) stock is down 21.6% at $17.16, after the company's disappointing first-quarter earnings results. Now trading at its lowest levels since late November, the equity is down 38.4% since the start of 2024. 

 

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