The Dow is down triple digits
The Dow Jones Industrial Average (DJI) is down triple digits midday, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) sit modestly lower as well. Investors are awaiting insight from the Federal Open Market Committee's (FOMC) May meeting minutes, due out at 2 p.m. ET, as well as Nvidia's (NVDA) earnings after the close. In the meantime, there are plenty of quarterly results to unpack, while rising bond yields provides some broader pressure.
Continue reading for more on today's market, including:
- Rob Katz returns to Vail Resorts as CEO.
- 3 retail earnings to watch today.
- Plus, call traders eye software stock; BOX hits record highs; and shorted TEM plummets.
Options bulls are targeting Unity Software Inc (NYSE:U) today, as the stock jumps 10% to $23.99, its highest levels since early March. So far, 144,000 calls have been exchanged -- 7 times the call volume typically seen at this point in a session -- compared to 9,045 puts. The weekly 5/30 25-strike call is the most popular, with new positions being opened there. Today's pop has ushered the stock back above its year-to-date breakeven mark.
Cloud stock Box Inc (NYSE:BOX) was last seen up 16.9% at $36.75 and trading at fresh record highs, after the company's better-than-expected first-quarter results and second-quarter outlook. Year to date, the equity is now up 16.3%.
Biotech name Tempus AI Inc (NASDAQ:TEM) is down 17.3% at $54.46, after reports that Spruce Point Capital Management is short on the stock. However, the 100-day moving average appears to be keeping losses in check. Since the start of the year, TEM has added 61.6%.
