The Dow is higher and near an eighth-straight win, but investor sentiment is murky
Friday's price action is mirroring the week on Wall Street; the Dow Jones Industrial Average (DJIA) leads the charge, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) lag behind. The blue-chip index is looking to secure an eighth-straight win, its longest winning streak since July, and best weekly performance of 2024. The SPX and the tech-heavy Nasdaq are more range bound, but still eyeing weekly wins as investors unpack consumer sentiment data that fell short of estimates.
Continue reading for more on today's market, including:
- Why Novavax stock is back from the dead
- 3M stock gets overdue upgrade.
- Plus, RDDT's best week ever; Sweetgreen stays hot; and a cloud stock in the red.
Reddit Inc (NYSE:RDDT) stock is getting blitzed by options bulls today. At last check, over 19,000 calls have changed hands, volume that's triple the average intraday amount and 2.5 times the number of puts traded. The July 65 call is the most popular, with new positions being bought to open, while the May 52 call is also popular. Reddit stock is up 7.1% to trade at $53.49, and thanks to a post-earnings pop on Wednesday, is on track for its best weekly gain in the Wall Street newbie's short history.
Sweetgreen Inc (NYSE:SG) stock is near the top of the New York Stock Exchange (NYSE) today, up 38% to trade at $32.47, after the salad chain's first-quarter revenue exceeded expectations. Cowen and RBC both hiked their price targets to $26 and $35, respectively, in response. SG is on track for its best-ever gain on record, and is trading at two-year highs. Year-over-year, the stock is up 260%.
Akamai Technologies, Inc. (NASDAQ:AKAM) stock is near the bottom of the SPX today, last seen down 7.7% to trade at $94.57. Although first-quarter earnings topped estimates, revenue fell short, and the cloud company reported a weaker-than-expected guidance for the second quarter. No fewer than seven brokerages have trimmed their price targets, the worst coming from Evercore to $115 from $125. AKAM is now down 20% in 2024, and is trading at its lowest level since early August.