All three major indexes are higher midday
The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are both boasting triple-digit leads in the wake of a softer-than-expected PPI reading for July, while the S&P 500 Index (SPX) sits higher as well. Today's is one of two important inflation reports this week, with investor attention already on tomorrow's consumer price index (CPI). Meanwhile, the Cboe Volatility Index (VIX) is continuing its path lower after last week's surge.
Continue reading for more on today's market, including:
- Dell stock set to extend gains after upgrade.
- Chipotle stock gaps lower on C-suite shakeup.
- Plus, SBUX eyes best day ever; chip stock trekking higher; and declining revenue hurts TME.
Starbucks Corp (NASDAQ:SBUX) announced earlier todayit will replace CEO Laxman Narasimhan with Chipotle Mexican Grill (CMG) CEO Brian Niccol, as the coffee chain attempts to boost sales. So far today, 233,000 calls and 229,000 puts have crossed the tape, 14 times the overall intraday average volume. The most active contract is the August 90 put, with positions being opened there. The equity was last seen 21.5% higher to trade at $93.56, on track for its best day on record and first close above the 200-day moving average since November.
Super Micro Computer Inc(NASDAQ:SMCI) stock is surging, last seen up 7.5% to trade at $581.59 as semiconductor stocks attempt to bounce as Nvidia (NVDA) rallies. Fresh off a fourth-straight weekly loss, the shares are bouncing off their lowest level since late January. SMCI is still trading below 20-day moving average, but it boasts a 104.7% year-to-date lead.
Tencent Music Entertainment Group - ADR(NYSE:TME) is the worst stock the New York Stock Exchange today, last seen down 16.6% to trade at $10.95. Today's bear gap comes after the China-based company reported a decline in yearly revenues, despite beating second-quarter earnings and revenue expectations. Shares still boast a 21.2% year-to-date lead, but are eyeing their worst single-day percentage drop since March 2021.