The S&P 500 is at risk of snapping a seven-day winning streak
Stocks are slightly lower this afternoon, as investors hope for the Federal Open Market Committee (FOMC) to issue its first interest rate cut in four years later today. The Dow Jones Industrial Average (DJI) is shifting lower, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both hover just below breakeven . The SPX is now on track to snap a seven-session winning streak. Elsewhere, Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), is pacing for its third-straight win.
Continue reading for more on today's market, including:
- Checking in on U.S. Steel's merger update.
- Why this retail stock is getting bullish attention.
- Plus, General Mills stock's post-earnings options activity; PRTG's massive pop; and Incyte stock's bear note.
Options traders are targeting General Mills Inc (NYSE:GIS) at a higher-than-usual clip following the packaged foods company's fiscal first-quarter earnings report. Already today, 46,677 calls and 6,209 puts have traded hands, which is 5 times the intraday average volume. The most activity is taking place at the September 75 call, followed by the 72.50 put in the same monthly series.
GIS was last seen 1% higher at $75.24, with tailwinds coming after the company reported earnings of $1.07 per share on revenue of $4.85 billion . However, it's worth noting that General Mills stock is overcoming a pre-market loss that was spurred on by a 14% drop in profits from last quarter. Year to date, GIS is up 15.6%.
Portage Biotech Inc (NASDAQ:PRTG) stock is 171.5% higher today, trading at $12.30 and claiming the top spot of the Nasdaq's best midday performers. The equity's trading has been paused on and off so far today, amid higher-than-usual volatility. Despite today's massive pop, PRTG is still down 53% since the start of 2024.
Incyte Corp (NASDAQ:INCY) stock is trading at the other end of the Nasdaq, last seen 2.4% lower at $64.84. Truist Securities downgraded INCY to "hold" from "buy" and lowered its price target from $83 to $74 -- a 14.2% premium to the security's current perch. The analyst is weary about near-term prospects, after the company lost the
"exclusive" tag on Jakafi, its biggest-selling blood disorder drug. On track to snap a four-day winning streak, Incyte stock is now 3% higher in 2024.
