Optimism around this week's interest rate cut is fading
Stocks are shifting lower after yesterday's rally, with the Dow Jones Industrial Average (DJI) last seen down triple digits after notching four consecutive record highs. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly lower, the latter also sporting a triple-digit midday dip as the former pulls back from its own all-time peak. All three major indexes are still pacing for weekly wins despite fading optimism around this week's interest rate cut.
Continue reading for more on today's market, including:
Carrier Global Corp (NYSE:CARR) is seeing unusual bearish options activity today, with 63,000 puts traded so far today, which is a whopping 32 times the volume typically seen at this point. The most popular contract is the January 2025 65-strike put, but new positions are being opened at the 67.50 put in the same series. CARR is 0.2% lower to trade at $80.42 at last check, cooling off from yesterday's record high of $81.24 and on track to snap a 10-day win streak. In the past 12 months, shares have added 39.8%.
Vistra Corp (NYSE:VST) stock
leading the SPX today, last seen up 9.5% to trade at $101.31. Today's pop comes after the electricity company agreed to buy the remaining 15% stake in its subsidiary zero-carbon energy unit for $3.2 billion. The shares blasted through a ceiling at the $95 right out of the gate, which capped rallies in June and July, and are now inching toward the stock's May 28, all-time high of $107.24. So far this year, VST has added 160.5%.
ON Semiconductor Corp (NASDAQ:ON) is one of the worst names on the SPX, last seen 5.6% lower to trade at $69.25. The driver behind today's negative price action is unclear, with the
chip stock failing to conquer its 200-day moving average yesterday after bouncing off familiar support at the $66 level, which has contained several pullbacks since June. ON now carries a 16.6% year-to-date deficit.
