AAL

Dow, S&P 500 Notch Fresh Record Highs

Nvidia stock also jumped to fresh highs as chip stocks rally

Deputy Editor
Oct 17, 2024 at 12:00 PM
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All three major benchmarks are on the rise today, with the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) both marking fresh all-time highs. This morning's retail sales data gave the market a boost, along with the chip sector rally following Taiwan Semiconductor's (TSM) upbeat third-quarter results. Notably, Nvidia (NVDA) hit record highs after the event. 

In other economic data, U.S. business inventories rose 0.3% for a second-straight month in August, while the National Association of Home Builders’ (NAHB) monthly confidence index rose 2 points to 43 points in October, exceeding analyst expectations. 

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

  • Expedia stock pops after takeover buzz. 
  • Aluminum stock brushes off earnings beat
  • Plus, options traders target LCID; IRDM jumps after earnings; and BMI falls on revenue miss. 

MMC Oct17

Lucid Group Inc (NASDAQ:LCID) stock is popular amongst options traders today, after the electric vehicle (EV) maker projected a wider-than-expected third-quarter loss and stock offering of 262.5 million additional shares. So far, 72,000 calls and 97,000 puts have crossed the tape, which is 4.2 times LCID's average daily options volume already. The January 2025 3-strike put is the most popular, followed by the December 4 call. At last glance, the shares were down 14.7% at $2.69, sitting on the short sale restricted (SSR) list.

MMC October17

 

Iridium Communications Inc (NASDAQ:IRDM) stock is up 14.3% at $34.50 at last glance, after the wireless telecommunications name beat third-quarter earnings and revenue estimates. Despite shooting to its highest levels since mid-February, the equity is still down 15.8% year to date. 

Industrial machinery and equipment stock Badger Meter Inc (NYSE:BMI) is down 9.7% at $198.42 at last glance, after the company's weak third-quarter report, with better-than-expected earnings of $1.08 per share on lower-than-anticipated revenue of $208.4 million. Since the start of 2024, the equity is still up 29.4%. 

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