The Dow is up over 340 points, while the S&P 500 hit another intraday record high
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.
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.
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.