The Dow is off triple digits at midday
The Dow Jones Industrial Average (DJI) is deep in the red midday, selling off as the Federal Reserve's two-day policy meeting begins. The S&P 500 Index (SPX) is also lower, while the Nasdaq Composite (IXIC) is enjoying a modest gain. CME's FedWatch tool says an interest rate cut at the conclusion of the meeting tomorrow is unlikely, but traders are still keen to hear monetary policy remarks from Fed Chair Jerome Powell.
Continue reading for more on today's market, including:
Fintech stock Affirm Holdings Inc (NASDAQ:AFRM) is getting attention from options bulls today. At last check, 49,000 calls have exchanged hands, volume that's quadruple the average intraday amount and the number of puts traded. The weekly 6/14 34-strike call is the most popular, with new positions being bought to open. AFRM is up 5.2% to trade at $32.03 at last check, after Apple (AAPL) announced users would be able to apply for loans directly through Affirm's app. AFRM is down roughly 35% in 2024.
Apple Inc (NASDAQ:AAPL) is doing its best to prop up both the Dow and Nasdaq today, last seen 6.3% higher to trade at $205.33. D.A. Davidson upgraded the tech titan to "buy" from "neutral," with the analyst in coverage bullish on the company's artificial intelligence (AI) offerings unveiled at the Worldwide Web Developers Conference (WWDC). AAPL earlier hit a record high of $203.96, and is above its year-to-date breakeven level.
Bank of America Corp (NYSE:BAC) stock is near the bottom of the SPX, after the company disclosed small business and auto loan demand was muted. BAC is joining its finance sector brethren lower today, with bank stocks as a whole facing Fed headwinds. Bank of America stock is still 15.1% higher in 2024, and not far off a June 3, two-year high of $40.19.