The blue-chip index is heading for its fourth-straight win
Wall Street is higher Tuesday afternoon, as investors shift their focus from housing data to consumer confidence. The Conference Board's Consumer Confidence Index fell declined from 105.6 in August to 98.7 in September -- its largest one-month dip since August 2021 -- as respondents worried about current business conditions and a soft labor market.
Despite the lackluster reading, the Dow Jones Industrial Average (DJI) is heading for its fourth-straight gain after hitting a new record high, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sport fractional midday leads.
Continue reading for more on today's market, including:
- Big questions remain after the Federal Reserve's rate cut.
- Analyst praises Lowe's long-term fundamentals.
- Plus, Thor's post-earnings options activity; what's boosting copper stocks; and MCK's bear note.
Thor Industries Inc (NYSE:THO) is catching some post-earnings attention, and sports a 4.6% midday lead to trade at $107.96 at last look. Although amid low absolute volume, 1,114 calls and 1,321 puts have traded hands so far today, which is 7 times the average intraday volume. Most popular by far is the October 120 call, followed by the 100 put in the same monthly series. The stock is brushing off a disappointing fiscal year earnings guidance, saying earnings per share will range between $4 and $5 -- significantly lower than StreetAccount's estimate of $6.27 per share. Thanks to today's pop, THO is extending its quarterly lead to 15.5%.
Stocks tied to
copper mining are outperforming today, as the red-metal hits near 10-week highs following China's new wide-ranging stimulus measures. In response,
Freeport-McMoRan Inc (NYSE:FCX) stock is outperforming on the SPX today, last seen up 6.3% at $48.00. On the charts, FCX just moved above its 120-day moving average, is pacing for its 11th win in 10 sessions, and now sports a 12% year-to-date lead.
McKesson Corp (NYSE:MCK) is one of the worst SPX stocks today, down 4.2% at $483.69 after a bear note rom Baird. The analyst downgraded MCK to "neutral" from "outperform" and cut its price target to $531 from $603, citing several factors, including two negative earnings reports and two downward revisions to the company's fiscal year forecasts. Year to date, the healthcare stock maintains a slim 4% lead.