Consumer confidence declined in June
Wall Street is brushing off another cooler-than-expected inflation reading this afternoon, as declining consumer sentiment pressures stocks lower. Digging deeper, the University of Michigan's Survey of Consumers dropped to 65.6 in June, down from 69.1 last month.
In response, the Dow Jones Industrial Average (DJI) is on track for a fourth-straight daily drop, while also looking to end the week lower. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are set to snap four-day win streaks, but are still pacing for weekly gains.
Continue reading for more on today's market, including:
- Breaking down Hasbro stock's upgrade.
- Unpacking this tech giant's beat-and-raise.
- Plus, RH's dismal forecast; checking in with PGR; and what's sinking cruise stocks.
Retailer and luxury lifestyle brand RH (NYSE:RH) is seeing unusual options activity today, with 15,000 calls and 20,000 puts traded so far -- 10 times the intraday average amount. The most activity is occurring at the weekly 7/26 190-strike put, followed by the with new positions being opened there. Last seen down 17.1% to trade at $229.67, RH is suffering after issuing a downbeat fiscal second-quarter revenue forecast. This post-earnings bear gap puts RH at its lowest level since early November, contributing to a 21% year-to-date deficit in 2024.
Shares of Progressive Corp (NYSE:PGR) outperforming on the SPX today, up 1.3% to trade at $206.14 at last glance. This rise comes after the insurance company announced quarterly results. The security has been a solid performer, up 29.6% so far in 2024, and has extended its year-over-year lead to more than 60%.
The cruise sector is taking a hit today, after Bank of America predicted slightly softer-than-expected itinerary pricing in ocean markets on a month-over-month basis. Carnival Corp (NYSE:CCL) is down 7.6% to trade at $15.26 at last check, pacing the industry's laggards and near the bottom of the SPX. The security now carries an 18.3% year-to-date deficit.