Stocks Static as Consumer Sentiment Weighs

Stocks are rangebound today after a sluggish open. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are marginally higher, while the Nasdaq Composite (IXIC) drifts between the red and black. Nevertheless, all three major indexes are poised to finish the week with outsized gains. 

Wall Street is weighing another weaker-than-expected consumer sentiment reading. The University of Michigan’s survey fell to 50.8 in May, down from 52.2 in April and the second-lowest reading ever. Ahead of May standard expiration in a few hours, $2.8 trillion worth of options contracts are set to expire, the largest number on record for a May, per Goldman Sachs.

There's also tariff drama to unpack, with the Trump administration reportedly sending letters to countries over the next few weeks detailing new rates. 

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

• Novo Nordisk stock suffers another setback. 
• What's the fallout from the Charter-Cox mega-merger? 
• Plus, Rocket bulls blast off; PT hikes for ZS; and a chip supplier pivots lower. 

Rocket Companies Inc (NYSE:RKT) is seeing increased activity in the options pits today. At last check, 47,000 calls have changed hands, volume that's 7 times the average intraday amount and 9 times the number of puts exchanged. New positions are opening at the weekly 5/23, 14-strike call, as well as the 14-strike in the weekly 5/30 series. The fintech stock is up 7.7% to trade at $13.77, and is 29% higher in 2025.  

Zscaler Inc (NASDAQ:ZS) is one of the best stocks on the Nasdaq today, last seen 2.8% higher to trade at $252.68 after its second bull note in as many days. Stifel hiked its price target to $270 from $235, and yesterday Mizuho adjusted its number to $250 from $220. The cybersecurity stock is 39% higher year-to-date.

Applied Materials Inc (NASDAQ:AMAT) is near the bottom of the SPX today, last seen down 6.9% to trade at $162.76. The semiconductor supplier reported second-quarter revenue that fell short of estimates, prompting six price-target cuts from analysts. AMAT is still up 4.5% this week alone and is testing its year-to-date breakeven level today, though the 200-day moving average looms large above.