Wall Street On the Sidelines Ahead of Fed Meeting

The Cboe Volatility Index (VIX) is making its biggest move of the month so far today

Managing Editor
Jun 10, 2024 at 11:50 AM
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Stocks are choppy midday, with investors content to sit on the sidelines ahead of the Fed meeting tomorrow. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are flat at last check, as the latter looks to avoid a third-straight loss. The Nasdaq Composite (IXIC) is cautiously higher, propped up by the Nvidia (NVDA) 10-to-1 stock split. Elsewhere, the Cboe Volatility Index (VIX), Wall Street's "fear gauge," is poised to snap three-day skid. 

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

  • 3 stocks soaring after getting the SPX add.
  • Nvidia rival gets rare downgrade.
  • Plus, Ford bulls step on the gas; Southwest's new friend; and a regional bank sinks.

MMC Stats June 10

Ford Motor Co (NYSE:F) is getting blitzed by options bulls today, even with no real catalyst. At last check, over 81,000 calls have changed hands, volume that's double the average intraday amount and quadruple the number of puts exchanged. The weekly 6/14 12.50-strike is the most popular by a wide margin, where new positions are being bought to open. Ford stock is 3% higher on the year, but 8.5% lower in the last 12 months. 

Southwest Airlines Co (NYSE:LUV) stock is up 7.8% to trade at $29.52, after the Wall Street Journal reported Elliott Capital Management has disclosed a $1.9 billion stake in the company. Elliott has called for leadership changes and a comprehensive business review of the struggling airliner. LUV is poised for its highest close since a March 12 bear gap, and has now reclaimed its year-to-date breakeven level. 

MMC Stock Chart LUV

Huntington Bancshares Incorporated (NASDAQ:HBAN) stock is 5.9% lower to trade at $12.61, after the regional bank trimmed its annual interest income forecast. Prior to today, HBAN had been carving out a channel of higher highs all year, that culminated in an annual high of $14.29 on May 16. Now though, the shares are back below their year-to-date breakeven level. 

 

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