The Nasdaq and S&P 500 are heading for their best gains since Aug. 8
The Federal Reserve's larger-than-expected interest rate cut has Wall Street soaring higher Thursday. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both up triple digits, while the S&P 500 Index (SPX) heads for its eighth win in nine sessions. While the blue-chip index and SPX have hit a fresh batch of record highs, the Nasdaq is on track for its best single-session net win since November 2022.
After digesting the Philadelphia Fed's manufacturing reading, investors are now taking in an update from BMO. The Wall Street brokerage just lifted its year-end target for the SPX to a Wall Street high of 6,100 -- an 8.6% premium to yesterday's close.
Continue reading for more on today's market, including:
- Intel says its wont sell this majority stake.
- Analyzing Darden Restaurants' new partnership.
- Plus, a pre-earnings look at FedEx stock; rate cuts boost TSLA; and behind the Ventas stock drop.
FedEx Corp (NYSE:FDX) is expected to report fiscal first-quarter financial results after the close today. According to FactSet, analysts expect the package-shipping company to report adjusted earnings of $4.58 on revenue of $21.87 billion. Options traders are targeting FDX at 5 times the average intraday volume, with 17,000 calls and 12,000 puts traded so far today. The most activity is taking place at the September 330 call, followed by the 270 put in the same monthly series. Up 1.7% at $303.18 at last glance, FedEx stock sports a 20% year-to-date lead.
High-flying tech stocks are on the rise today after the Fed's rate cut.
Tesla Inc (NASDAQ:TLSA) stock is 5.4% higher at $239.15 at last glance, extending its quarterly gain to 21%. Year to date, however,
TSLA is down 3.7%, and it sports a nearly 9% year-over-year deficit.
Ventas Inc (NYSE:VTR) is the worst performing stock on the SPX, last seen 3% lower at $62.29. Per Reuters, the company yesterday announced that it may offer and sell up to $2 billion aggregate gross sales price of common stock. Despite today's dip, VTR is still up 25% in 2024.