The VIX is pulling back from its highest level since March 2020
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are boasting triple-digit leads this afternoon, while the S&P 500 Index (SPX) is firmly higher as well. Tech stocks are extending their rebound, as the 10-year Treasury yield climbs back to 3.9%, which is where it stood before last week's jobs data instigated a global market selloff. Meanwhile, the Cboe Volatility Index (VIX) is pulling back sharply from its highest level since March 2020.
Continue reading for more on today's market, including:
- Profit miss pushes Airbnb stock to 52-week low.
- Cooling demand weighs on Walt Disney stock.
- Plus, Wynn issues cash dividend; Upstart stock surges; and chip giant announces 10-for-1 split.
Options bulls are targeting Wynn Resorts, Limited(NASDAQ:WYNN) stock, with 57,000 calls traded so far today -- 18 times the intraday average volume -- compared to just 2,798 puts. The most active contract is the September 82.50 call, with new positions being opened at the November 82.50 call. The casino company reported a second-quarter top- and bottom-line miss despite rising profits, and declared a cash dividend of 25 cents per share. Shares are down 1.5% to trade at $75.12 at last check after five price-target cuts, and sport an 17.8% year-to-date deficit.
Upstart Holdings Inc(NASDAQ:UPST) is among the best names on the Nasdaq today, up 38.1% to trade at $32.97 at last check. The artificial intelligence (AI) name reported narrower-than-expected losses for the second quarter, in addition to a revenue win and strong current-quarter forecast. No fewer than three analysts lifted their price targets in response, setting shares on track for their third-straight daily win and best day since March 2021.
Meanwhile, Super Micro Computer Inc (NASDAQ:SMCI) is among the Nasdaq's underperformers, last seen down 17.2% at $510.75. The semiconductor giant missed fiscal fourth-quarter earnings and revenue estimates, issued a lackluster sales and profit outlook, and announced a 10-for-1 stock split. J.P. Morgan Securities earlier downgraded shares to "neutral" from "buy," and cut its price objective to $700 from $1,090. SMCI still sports an 81.8% year-to-date lead, though.