S&P 500, Nasdaq Head for 4th-Straight Daily, Weekly Wins

The Dow is on track for a third consecutive daily gain

Deputy Editor
Jun 28, 2024 at 12:04 PM
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The Dow Jones Industrial Average (DJI) is up 155 points this afternoon and on track for a third consecutive daily gain, even as Nike (NKE) underperforms the broader market. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are higher as well and pacing for their fourth-straight daily and weekly wins, following a host of economic data. Most importantly, the core personal consumption expenditures (PCE) price index was in line with analysts' estimates.

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

  • Why JPMorgan downgraded this REIT stock.
  • Taking a closer look at Nike stock's tumble.
  • Plus, put traders target HE; analyst praises URI; and another struggling retail stock.

Midday Market Stats June 282024

Hawaiian Electric Industries, Inc. (NYSE: HE) announced after yesterday’s close that, if deemed necessary, it was ready to proactively shut off power for public safety in Oahu, Hawaii Island, Maui, and Molokai. In response, 6.066 puts have exchanged hands -- six times the average intraday volume. Positions are being bought to open at the weekly 7/5 8-strike put. Down 1.2% to trade at $8.90 at last glance, HE is 75.5% lower over the last 12 months. 

 

WBA Chart June 282024

United Rentals, Inc. (NYSE:URI) stock is 2.8% higher to trade at $640.20 this afternoon, after Raymond James initiated coverage on the equipment rental name with an "outperform" rating and a $750 price target. Just yesterday, Citigroup initiated bullish coverage with a "buy" recommendation. The stock now boasts a 48.1% year-over-year gain, and a more modest 11.6% year-to-date lead.

Carrying a 2.4% deficit, Lululemon Athletica Inc (NASDAQ:LULU) was last seen trading at $301.07 as one of the worst performing equities today. The shares, along with the broader retail sector, are suffering after Nike's dire revenue warning. So far in 2024, LULU has shed 41%.

 

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