All three major benchmarks are lower
Investors are unpacking a slew of retail earnings as they ready for Nvidia's (NVDA) quarterly results, due out after the close today, which they hope will shed some light on the state of the artificial intelligence (AI) sector. The chip giant is off 3% ahead of the event, helping push the Nasdaq Composite Index (IXIC) down triple digits midday, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) sit lower as well.
Continue reading for more on today's market, including:
Chewy Inc(NYSE:CHWY) is getting blasted in the options pits, with 91,000 calls and 35,000 puts traded so far today -- 11 times the volume that is typically seen at this point. The most popular contract by far is the weekly 8/30 30-strike call. CHWY is up 14.6% at $29.65 at last check, or its highest level since July, after the pet goods e-tailer's better-than-expected second-quarter earnings results. CHWY blasted through the $28 level, which capped rallies in July and earlier this month, and is up 25% so far in 2024.
Box Inc (NYSE:BOX) stock was last seen 9.7% higher to trade at $31.60, ranking among today's leaders on the New York Stock Exchange (NYSE). The
cloud company announced a top- and bottom-line beat for the second quarter, and also issued a strong forecast for the current quarter. No fewer than four analysts lifted their price objectives in response, setting the stock on track for its best day since December 2021 after it earlier scored a fresh 52-week high of $32.14.
Wolfspeed Inc (NYSE:WOLF) stock is among today's NYSE underperformers, down 9.7% to trade at $11.06 at last check. Today's bear gap comes after WOLF attracted no fewer than five price-target cuts, including one at BofA Global Research to $15 from $25. The shares earlier gapped to a record low of $11, breaching recent support at he $12 region as they pace for a third-straight daily loss. So far in 2024, the
chip stock shed 74.5%.