All three major indexes are firmly higher midday
The Dow Jones Industrial Average (DJI) is in rally mode, reversing its premarket losses to jump 752 points after yesterday snapping its 10-day losing streak. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are firmly higher as well, as investors unpack this morning's lukewarm PCE price index data.
Meanwhile, bond yields are sharply lower today, following last session's nearly seven-month highs for the 10- and 30-year notes. Investors are also eyeing Washington D.C. amid the potential for a partial government shutdown, which could begin tonight.
Continue reading for more on today's market, including:
- Buffett buys additional shares of Occidental Petroleum.
- Behind FedEx stock's post-earnings pop.
- Plus, options traders eye NVO's crash; AVO jumps after earnings; and X falls alongside its outlook.
Options traders are targeting plummeting Novo Nordisk A/S (NYSE:NVO) today, after the pharma name's weight-loss drug CagriSema showed disappointing results in its closely-watched phase 3 trial. So far, 57,000 calls and 31,000 puts have been exchanged, which is double the overall options volume typically seen at this point. The weekly 1/3 110-strike call is the most popular, followed by the weekly 12/27 90-strike call, with new positions being opened at the latter. At last look, NVO was down 20.6% at $82.12, and trading at 52-week lows.
Mission Produce Inc (NASDAQ:AVO) is at the top of the Nasdaq today, after the company's upbeat fiscal fourth-quarter results. The shares were last seen up 22.6% to trade at $15.10, hitting roughly two-year highs. Since the start of the year, the equity is up 47.9%.
United States Steel Corp (NYSE:X) is down 4.2% at $30.41, after the company announced a disappointing fourth-quarter forecast. The stock is on track for its eighth daily loss in the last nine sessions, though familiar support at the $30 level appears to be keeping losses in check. Year to date,
X is down 37.4%.