S&P 500, Nasdaq Hit Record Highs

The Dow is enjoying a solid triple-digit lead

Deputy Editor
May 15, 2024 at 12:03 PM
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The Dow Jones Industrial Average (DJI) is up 236 points midday, earlier nearing an all-time high, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) hit their own record highs, as the market enjoys tailwinds from yesterday's cooler-than-expected inflation data. Bond yields are dropping in response, while April retail sales came in flat, compared to analysts anticipated 0.4% rise. 

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

  • Nio stock brushing off analyst praise
  • Solar 'meme stock' dips after Wolfe Research downgrade. 
  • Plus, options traders target DELL; SOWG soars after earnings; and GME rally tapers off. 

MMC May15

Dell Technologies Inc (NYSE:DELL) is up 8.6% at $145.60 at last check, hitting record highs, after a price-target hike from Morgan Stanley to $152 from $128. Options traders are blasting the stock in response, with 53,000 calls and 24,000 puts exchanged so far -- 2.3 times the overall average daily options volume already. The June 145 call is the most popular contract, where new positions are being opened. 

DELL May15

Sow Good Inc (NASDAQ:SOWG) is one of the top stocks on the Nasdaq today, after the food processing name's strong quarterly results. At last glance, SOWG was up 22.4% at $13.60, on track for its fourth-straight daily gain. Since last May, the equity sporting a 138.6% gain. 

On the other hand, the shares of GameStop Corp (NYSE:GME) are down 32.9% at $32.70, in what appears to be the end of the 'meme stock's' short squeeze rally. Pulling back from last session's nearly three-year high of $64.83, the security is on the short sell restricted (SSR) list today. Since the start of the year, GME is up 83%. 

 

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