The Nasdaq nabbed another record high earlier
Despite today's cooler-than-expected inflation reading, Wall Street is scattered this afternoon. Traders are weighing the likelihood of interest rate cuts in the near term, after the Federal Reserve slashed expectations of rate cuts in 2024 to one from three. At last glance, the Dow Jones Industrial Average (DJI) is down 277 points, the S&P 500 Index (SPX) is fractionally lower, and the Nasdaq Composite (IXIC) is higher after earlier notching a record high.
Continue reading for more on today's market, including:
- Analysts switch tune on energy stock.
- The best performing stock on the SPX today.
- Plus, Dave & Buster's earnings; Musk's compensation; and Paramount's dead deal.
Dave & Buster's Entertainment Inc (NASDAQ:PLAY) is seeing unusual options activity today, with 5,624 calls and 6,944 puts traded so far -- 11 times the intraday average amount. The brunt of this activity is taking place at the June 60 call. PLAY is down 10.1% to trade at $44.82 at last check, after the entertainment and restaurant chain shared a first-quarter earnings and revenue miss. Pulling back to its year-over-year breakeven mark, Dave & Buster's stock now sports a 16.8% year-to-date deficit.
Shares of Tesla Inc (NASDAQ:TSLA) are outperforming on the SPX today, up 3.7% at $183.82 at last glance. Shareholders of the electric vehicle (EV) giant are slated to finish voting today on CEO Elon Musk's $56 billion compensation package, as well as another resolution to move the firm's legal home to Texas. Musk shared on X that the measures will pass with "wide margins." Still down over 20% on both a year-to-date and year-over-year basis, TSLA earlier conquered its 120-day moving average for the first time since Jan. 2.
The shares of Paramount Global (NASDAQ:PARA) were last seen 5.5% lower at $10.51 at last check, pacing the SPX laggards so far today. Shari Redstone, the media giant's controlling shareholder, killed merger talks with Skydance Media on Tuesday, and the subsequent negative price action is sticking. Now down 36.6% on a year-over-year basis, PARA is close to this year's low of $10.16.