The trade deal between the U.S. and the U.K. is in focus
Stocks are firmly higher midday, enjoying tailwinds from the newly announced trade deal between the U.S. and U.K. The Dow Jones Industrial Average (DJI) is up 391 points at last glance, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) sit comfortably higher as well.
Investors are also unpacking lower-than-expected weekly jobless claims, while wholesale inventories increased 0.4% in March compared to estimates of 0.5%. Meanwhile, U.S. productivity decreased at a 0.8% annual rate in the first quarter -- its first drop since the second quarter of 2022.
Continue reading for more on today's market, including:
- AI-powered stock soaring after an upbeat quarter.
- Peloton shares dragged on wider-than-expected loss.
- Plus, options bulls blast QBTS; and two stocks moving opposite directions after earnings.
D-Wave Quantum Inc (NYSE:QBTS) is the most popular stock amongst options traders today, with 202,000 calls and 38,000 puts exchanged so far -- 13 times the average daily options volume. The May 10 call accounts for a large amount of this bullish volume, with new positions being opened there. At last glance, the quantum computing stock was up 33.6% at $9.20, following upbeat first-quarter earnings results. Year to date, QBTS is up 10.2%, with support below at the 100-day moving average.
Fintech stock Dave Inc (NASDAQ:DAVE) is one of the top performers on the Nasdaq today, after the company posted better-than-expected first-quarter earnings and revenue and lifted its full-year forecast. At last glance, DAVE was up 41% at $151.99, hitting three-year highs and eyeing its best daily pop since November. Since the start of the year, the equity is up 75.4%.
Meanwhile, Cars.com Inc (NYSE:CARS) is down 12.8% at $9.87, after the company reported lower-than-expected first-quarter earnings and revenue and suspended its full-year guidance. Now trading at nearly three-year lows, CARS is off 43.2% year to date.