All three major indexes are heading for weekly wins
Stocks are a mixed bag to close out the holiday-shortened week. The Dow Jones Industrial Average (DJIA) is modestly lower at last check, while the S&P 500 Index (SPX) holds above 5,550. The tech-heavy Nasdaq, meanwhile, sports a triple-digit lead, is heading for a fourth-straight win, and scored a record high earlier in the session.
Despite the low trading volume and broad market choppiness, all three major indexes are heading toward comfy weekly wins. This morning's jobs data is doing its best to reduce Fed fatigue, with investors encouraged about the prospects of an interest rate cut from the central bank in September.
Continue reading for more on today's market, including:
- 2 blue-chip stocks flashing very different signals.
- Options bulls cheer the Macy's buyout buzz.
- Plus, BMBL bears bet; META leads mega caps, and Micron sits out the rally.
Bumble Inc (NASDAQ:BMBL) stock is getting attention from options bears today. At last check, over 24,000 puts have changed hands, volume that's four times the average intraday amount and 25 times the number of calls traded. The weekly 7/26 9.50-strike put is the most popular contract by a wide margin, with new positions being bought to open. BMBL is 35.7% lower year-to-date.
Meta Platforms Inc (NASDAQ:META) is one of the best stocks on the SPX today, last seen up 4.5% to trade at $531.18, and earlier hitting a record high of $535.67. The social media giant is leading the Big Tech revival today, with mega caps rising on fresh rate-cut hopes. META is up 50% in 2024.
Sitting out the tech rally today is chip stock Micron Technology Inc (NASDAQ:MU), last seen 4.1% lower to trade at $131.19, though there's no specific catalyst. The shares could be in correction mode after scoring a record high of $157.53 on June 18. Year-to-date, the shares are up 53%, and have support in place at their ascending 50-day moving average.
