Stocks Mixed Following Powell Testimony

The S&P 500 and Nasdaq extended their record highs

Deputy Editor
Jul 9, 2024 at 11:58 AM
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The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are once again extending their record highs, both modestly higher midday. The Dow Jones Industrial Average (DJI), on the other hand, is down triple digits as investors unpack comments from Federal Reserve Chairman Jerome Powell, who said that keeping interest rates high for too long could risk further economic growth. Treasury yields inched higher after the prepared remarks, which also emphasized the need for lower inflation before policymakers can reduce rates. 

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

  • Outperforming Netflix stock hit with pre-earnings price-target hike. 
  • Bear notes send SoFi Technologies stock to 52-week lows. 
  • Plus, call traders eye AMAT; SNGX roars away from record lows; and APLD slides on share offering. 

MMC July9

Options bulls are targeting Applied Materials Inc (NASDAQ:AMAT), as the stock hits record highs following a price-target hike from Raymond James to $275 from $235. So far, 40,000 calls have been exchanged -- seven times the intraday average volume -- compared to 3,687 puts. The weekly 7/12 260-strike call is the most popular by far, with new positions opening there. At last glace, AMAT was up 0.8% at $248.21. 

AMAT July9

Biotech stock Soligenix Inc (NASDAQ:SNGX) is skyrocketing out of penny stock territory today, following last session's record low of $1.83. The stock is up 306.8% at $8.11 at last look, after the company released positive data for a late-stage trial of its blood cancer treatment. Year to date, the equity is still down roughly 35%. 

Applied Digital Corp (NASDAQ:APLD) is down 22.3% at $5.54, after the company entered an agreement to sell $125 million worth of shares, though it also forecasted fourth-quarter revenue above estimates. The stock is now down 17.5% since the start of 2024. 

 

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