The Dow is surging higher after a losing week
Stocks are soaring today, as Wall Street finds footing ahead of a busy week of earnings. The Dow Jones Industrial Average (DJIA) is up 331 points midday, poised to halt a five-day skid. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly higher, the latter a chip shot from another record high. Amid geopolitical tensions, oil prices are in focus today, with West Texas Intermediate (WTI) December-dated crude down 5% at $67.95 per barrel, at last check.
Continue reading for more on today's market, including:
- Semiconductor stock makes surprising post-earnings move.
- Nio stock gets rare upgrade.
- Plus, Reddit puts spike; ALB shrugs off bear note; and oil stocks in the red.
Reddit Inc (NYSE:RDDT) is seeing an uptick in options volume today, just ahead of the company's third-quarter earnings, slated for after the close tomorrow. At last check, over 22,400 puts have changed hands volume that's five times the average intraday amount. The weekly 11/1 78-strike put is the most popular, while the 84-strike call from the same series is also seeing a surge in activity. The social media stock is up 23.6% in 2024, and today's jump pushed the shares to a record $82.52, before pulling back to their current price of $82.07, up 0.9% on the day.
Albemarle Corporation (NYSE:ALB) stock is near the top of the SPX today, last seen up 5.2% to trade at $98.41. The lithium manufacturer is shrugging off Friday's price-target cut from RBC to $108 from $111, and is instead cutting into its 31% year-to-date deficit, despite staring up at the $100 ceiling.
APA Corp. (NASDAQ:APA) stock is weighing on the SPX today, last seen down 4% to trade at $23.81, moving lower with oil. The entire energy sector is sitting out today's rally, with APA adding to its 33.7% year-to-date deficit, carving a channel of lower lows in the last 12 months.
