Dow Paring Nike Selloff, Oil Price Surge

Stocks are pushing higher midday, shrugging off a morning in red ink. The Dow Jones Industrial Average (DJI) has traded on both sides of the aisle already today, with Nike's (NKE) post-earnings selloff weighing on the blue-chip index. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have both pared modest losses and are now heading higher, as investors weigh the Middle East escalation with another round of encouraging payrolls data. Oil prices are still on the move, with November-dated crude futures last seen up 2.6% at $71.65 per barrel. 

Continue reading for more on today's market, including:

• Oil stock boosted by sector tailwinds.
• Not much to like from Harley-Davidson stock right now.
• Plus, JOBY bulls cheer Toyota investment; CZR tests trendline; and HUM sells off. 

Joby Aviation Inc (NYSE:JOBY) is getting blitzed by call traders today. At last check, over 61,000 calls have changed hands, volume that's 68 times the average intraday amount and more than 12 times the number of puts exchanged. Most of the buzz is around the weekly 10/4 5.50-strike call, where new positions are being bought to open. The weekly 10/4 6-strike call is also popular. JOBY is up 23.5% to trade at $5.93, the air taxi stock boosted by a $500 million investment from Toyota. 

Caesars Entertainment Inc (NASDAQ:CZR) stock is near the top of the Nasdaq today, last seen up 6.3% to trade at $43.30, after the casino company approved a $500 million common stock buyback program. CZR is down 9.3% in 2024, and today is testing a channel of higher lows since a July bottom.

Humana Inc (NYSE:HUM) is near the bottom of the New York Stock Exchange (NYSE) today, last seen down 15.9% to trade at $235.08. The insurer saw its Medicare Advantage quality ranking plummet; per an SEC filing, 25% of members currently enrolled in plans rated 4 stars and above for next year, a figure that's down from 94% in 2024. HUM is trading at its lowest level since 2020 and now down 50% in 2024.