The Nasdaq is headed for its largest single-day percentage gain since February
Stocks are soaring into the conclusion of the Federal Reserve's two-day policy meeting, with Wall Street cheering upbeat economic data and unpacking the latest corporate reports. As the chip sector rallies, the tech-heavy Nasdaq Composite Index (IXIC) is up 419 points midday, headed for its largest single-day percentage gain since February, while the Dow Jones Industrial Average (DJIA) is enjoying a triple-digit gain of its own and the S&P 500 Index (SPX) sits firmly higher.
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Options traders are blasting Pinterest Inc (NYSE:PINS), as the stock slides following its disappointing third-quarter forecast. So far, 44,000 calls and 45,000 puts have crossed the tape, which is already 3.3 times the average daily options volume. The September 45 call is the most popular, followed by the weekly 8/2 48-strike call, with new positions being bought to open at the September 35 call. At last glance, PINS was down 12.6% at $32.65, trading at its lowest levels since April, though the pullback seems to be winding down at the stock's 320-day moving average.
Powell Industries Inc (NASDAQ:POWL) is up 33.5% to trade at $177.08 at last check, earlier climbing as high as $183, after the electric company's blowout fiscal third-quarter earnings results. Hitting its highest level since late May, POWL is up 101.3%.
On the other hand, Community Healthcare Trust Inc (NYSE:CHCT) is down 18.9% to trade at $22.30, and earlier hit a four-year low of $21.47 after the specialized real estate investment trust's (REIT) second-quarter earnings miss. To follow, Robert W. Baird slashed its price target to $25 from $29. Since the start of 2024, CHCT is down 16.1%.