Investors are unpacking more inflation data
The Dow Jones Industrial Average (DJI) is up 103 points at last look, while the S&P 500 Index (SPX) sits modestly higher, and the Nasdaq Composite Index (IXIC) moves lower. Traders are unpacking today's CPI report, which showed the annual inflation rate sitting at its lowest level since March 2021. Though Wall Street remains confident the Federal Reserve will cut rates in September, questions remain as to whether it will be by 25 or 50 basis points.
Continue reading for more on today's market, including:
- Alphabet stock gaps lower amid DOJ scrutiny.
- Beat-and-raise boosts Cardinal Health stock.
- Plus, UBS options running red-hot; apparel stock eyes best day since 2021; and Albemarle stock resumes losses.
Options traders are blasting UBS Group AG (NYSE:UBS), with 5,023 calls and 1,204 puts traded so far today, or seven times the intraday average volume. The most active contract by far is the August 32.50 call. UBS was last seen up 5.3% to trade at $30.79, after the investment bank reported better-than-expected profits for the second quarter and strong revenue growth amid the consolidation of Credit Suisse. UBS rose 31.9% over the past 12 months, and is on track to close back above the 180-day moving average after slipping below it earlier this month.
Victoria's Secret & Co (NYSE:VSCO) stock is up 15.8% to trade at $22.09 at last check, leading the New York Stock Exchange (NYSE) today. The apparel retailer earlier announced better-than-expected preliminary results for second quarter and also named Hillary Super as CEO. The shares earlier hit their highest level since June, and are now pacing for their best single-day percentage pop since August 2021 as they look to nab their seventh gain in the last eight sessions.
Meanwhile, Albemarle Corporation (NYSE:ALB) is one of the worst stocks on the NYSE, last seen down 5.6% at $72.88 as the price of lithium tumbles. ALB gapped to a four-year low $71.97 earlier, and is on track for its fourth loss in the last five trading days. So far in 2024, the equity shed nearly 50%.