AAL

Dow Powered by Blue-Chip Bank Breakout

Investors are unpacking bank earnings, inflation data, and consumer sentiment today

Managing Editor
Oct 11, 2024 at 12:10 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is surging into the weekend, up over 300 points at last check, earlier touching a fresh all-time high. Not to be outdone, the S&P 500 Index (SPX) nabbed its second record high of the week, as bank stocks -- particularly JPMorgan Chase's (JPM) upbeat earnings report -- power Wall Street. All three major indexes are heading for weekly wins, with investors encouraged by a flat producer price index (PPI), even as consumer sentiment data moved lower in September. 

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

  • Another bank stock pops after earnings.
  • Tesla stock sits out today's rally.
  • Plus, RKT puts popular; UBER jumps Tesla; and Broadcom stock backs off. 

MMC Stats Oct 11

Rocket Companies Inc (NYSE:RKT) is getting attention from options bears today. At last check, over 7,000 puts have changed hands, volume that's triple times the average intraday amount and more than double the number of calls exchanged. The October 17.50- and 17-strike puts are popular, with new positions being bought to open at each. The fintech stock is up 1.5% to trade at $17.80, and is 23% higher year-to-date. 

Uber Technologies Inc (NYSE:UBER) stock is near the top of the SPX today, last seen 8% higher to trade at $85.57 and earlier hitting a record high of $84.92. The ridesharing company got a boost from Tesla's disastrous Robotaxi reveal, with the lack of details offering some clarity about Uber's suddenly safe market share. UBER is up 36.6% year-to-date, and 83.2% year-over-year.

MMC Stock Chart UBER

Broadcom Inc (NASDAQ:AVGO) is near the bottom of the SPX, down 3.8% to trade at $178.62, though there's no specific catalyst. The semiconductor powerhouse -- and historical fourth-quarter outperformer -- hit a record high of $186.42 on Wednesday, and is still up 60% in 2024. AVGO was nearing overbought territory heading into today, with a 14-Day Relative Strength Index (RSI) of 68. 

Getting Started With Options:
OPTIONS BASICS

Are you ready to start learning about options, and how to use them for faster profits? Our FREE GUIDE breaks down basic options trading concepts and vocabulary, how options derive their value, advantages and disadvantages, trading mechanics, and more!


 

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.