The S&P 500 and Nasdaq are headed for their seventh consecutive daily wins
Stocks have reversed their premarket losses, modestly higher midday and headed for their best week so far this year. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are eyeing their seventh-straight daily wins and best weekly performances since November, putting them on track to snap their four-week losing streaks. Meanwhile, the Dow Jones Industrial Average (DJI) is pacing for its best week since December.
Continue reading for more on today's market, including:
- Semiconductor stock nabbed fresh upgrade.
- Behind H&R Block stock's surge to record highs.
- Plus, RKLB blasts higher; TPR enjoying post-earnings tailwinds; and AMAT brushes off quarterly win.
Options traders are blasting Rocket Lab USA Inc (NASDAQ:RKLB) today, with 154,000 calls and 20,000 puts exchanged so far, which is a whopping 38 times the volume typically seen at this point. Expiring at the close, the August 7 call is the most active contract, with new positions being opened there. RKLB is up 15.8% to trade at $6.78 at last check, blasting out of penny stock territory after the company sent two spaceships to Florida in preparation for a Mars launch. RKLB earlier surged to a fresh 52-week high of $7.10, and now sports a 20.9% year-to-date lead.
Tapestry Inc (NYSE:TPR) is up 2.1% to trade at $40.01 at last check, after the retailer yesterday reported a fiscal fourth-quarter profit beat. TPR also received three-price target cuts, including one from Bernstein to $50 from $48. The retail stock is running into pressure from the 40-day moving average as it bounces off its lowest level since December, and now sports a 16.5% year-over-year lead.
Applied Materials, Inc.(NASDAQ:AMAT) stock is pulling back today, last seen down 3% to trade at $205.44 as a lackluster fiscal fourth-quarter sales forecast overshadows its top- and bottom-line beat for the fiscal third quarter. The chip manufacturing stock is up 26.3% so far in 2024, but is struggling with a new ceiling at the $25 region after rallying from its lowest level since February.