The tech-heavy Nasdaq sports a modest midday lead
Stocks are mixed midday, as investors assess their artificial intelligence (AI) holdings and unpack fresh home sales data. According to the Commerce Department, home sales fell in May to 619,000 -- down 11.3% from April's revision higher -- while the median sales prices edged lower as well.
At last glance, the tech-heavy Nasdaq Composite Index (IXIC) is slightly higher, the S&P 500 Index (SPX) is lower, and the Dow Jones Industrial Average (DJI) is down nearly 100 points.
Continue reading for more on today's market, including:
General Mills Inc (NYSE:GIS) is seeing increased options activity, after the company reported fiscal fourth-quarter results. While General Mills' earnings beat expectations, revenue missed the mark, sending shares 4.7% lower to trade at $64.11 at last glance. So far, 5.098 calls and 7,542 puts have crossed the tape, which is eight times the intraday average volume. The most activity is taking place at the weekly 6/28 67-strike put. Over the last 12 months, General Mills stock has shed 20.5%, and it's now trading below its year-to-date breakeven mark.
FedEx Corp (NYSE:FDX) is one of the best performing stocks today, up 14.4% to trade at $293.33 at last glance, after the shipping company's fiscal fourth-quarter earnings and revenue beat Wall Street's estimates. The firm also issued an upbeat annual profit forecast. FDX earlier surged to nearly three-year highs, and sports a 14.6% lead for 2024.
Biotech concern Moderna Inc (NASDAQ:MRNA) is underperforming today, after announcing its respiratory syncytial virus (RSV) shot mRESVIA showed 50% efficacy after 18 months. The stock is closing in on its year-over-year breakeven level, last seen down 5% at $130.70. On the charts, MRNA earlier gapped to its lowest level since May.
