The S&P 500 and Nasdaq are both on track for a fifth straight daily win
Wall Street is firmly higher Friday, heading for solid weekly wins. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) all sport significant intraday leads, with the latter two on pace for their fifth-straight daily gains. Small caps are also higher, with the Russell 2000 (RUT) on track for a 4% lift this week.
Investors are still digesting inflation data and today's import price report. In addition, the University of Michigan's Survey of Consumers found that consumer confidence improved in September, with tone-year inflation outlook falling to 2.7% -- its lowest level since December 2020.
Continue reading for more on today's market, including:
- This growth ETF is worth keeping an eye on.
- Analyst downgrades drug stock on lackluster trial results.
- Plus, Oracle reveals lofty revenue expectations; MU in recovery mode; and Garmin stock's downgrade.
Oracle Corp (NYSE:ORCL) stock is seeing higher-than-usual options volume as it trades at record high levels, after the tech firm raised its fiscal 2026 revenue forecast to $66 billion and shared plans for more than $104 billion in revenue in fiscal 2029. In response, 156,000 calls and 120,000 puts have been exchanged, which is 7 times the average intraday volume. New positions are opening at the top seven most active contracts, led by the weekly 9/13 170-strike call, which expires at the end of today's session. At last look, ORCL is up 1.9% at $164.42, though it earlier touched an all-time high of $173.94, and it now boasts a 56.4% year-to-date gain.
Micron Technology Inc (NASDAQ:MU) is in recovery mode today, last seen 4.6% higher at $91.25. Yesterday, shares of the semiconductor giant were
double downgraded, leading to a 3.8% loss for the session. Today's gains are helping MU move toward a 5% weekly gain and are bringing its year-to-date lead to 6.3%.
Garmin Ltd (NYSE:GRMN) stock is one of the worst performing stocks on the SPX so far today after Barclays
downgraded the shares to "underweight" from "equal weight" and cut its price target to $133 from $181. With GRMN boasting a 36.7% year-to-date lead, the analyst is concerned about the security's ability to keep this momentum up. At last check, Garmin stock is down 6.2% at $170.80, though its 80-day moving average is keeping today's losses in check.
