This morning's cooler-than-expected CPI data is in focus
The S&P 500 Index (SPX) and Nasdaq Composite Index's (IXIC) seven-day rally could meet its end today, as Big Tech stocks slide following this morning's cooler-than-expected CPI data. The latter is down nearly 230 points, though both benchmarks notched record highs earlier in the session.
The Dow Jones Industrial Average (DJI), meanwhile, is maintaining its gains, while the small-cap Russell 2000 (RUT) surges toward its best daily percentage gain since December as this morning's inflation data brings hopes of a rate cut in September.
Continue reading for more on today's market, including:
Options bulls are targeting Nu Holdings Inc (NYSE:NU) today, after Goldman Sachs reiterated its "buy" rating and lifted its price target to $17 from $15. So far, 204,000 calls have been exchanged -- 17 times the intraday average call volume -- in comparison to just 4,800 puts. The January 2026 15-strike call is the most popular, where new positions are opening. At last check, NU was up 0.4% at $13.26, earlier hitting a peak of $13.33 and hanging out below last session's record high of $13.41.
Methode Electronics Inc (NYSE:MEI) is up 38.3% at $13.06, after the company's better-than-expected fiscal fourth-quarter revenue results, despite an earnings miss. Further removing itself from last month's 12-year lows and jumping above long-term pressure at the 80-day moving average, MEI is still down 42.3% year to date.
Delta Air Lines Inc (NYSE:DAL) is down 6.1% at $43.98 and on the short sell restricted (SSR) list today, after the company's announced a drop in second-quarter profits and lowered its third-quarter profit forecast. Trading at its lowest levels since March, the equity is still up 9.4% since the start of the year.