The Nasdaq is up triple digits
The Nasdaq Composite Index (IXIC) is up triple digits midday, with help from Nvidia's (NVDA) post-earnings rally, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) sport more muted gains. Much of today's focus is directed toward the White House, after the U.S. Court of International Trade blocked reciprocal tariffs.
Meanwhile, there is plenty of economic data to unpack, including slightly higher-than-expected weekly jobless claims. Updated gross domestic product (GDP) data showed the economy shrinking by 0.2% in the first quarter, while pending home sales dropped 6.3% in April -- it's largest monthly dip since 2022.
Continue reading for more on today's market, including:
- Best Buy stock drops after a lowered sales outlook.
- Cosmetics stock soars on billion-dollar deal.
- Plus, options traders target AI after earnings; CTEV jumps on upgrade; and CAL crumbles after suspended guidance.
C3.ai Inc (NYSE:AI) is one of the most popular stocks in the options pits today, after the company's strong fiscal fourth-quarter results. So far, 218,000 calls and 55,000 puts have been exchanged, which is already 8 times the overall volume AI typically sees in a session. The weekly 5/30 28-strike call is the most popular, with new positions being opened there. At last glance, C3.ai stock was up 28% at $29.47, and gapping above its 80-day moving average.
Healthcare technology stock Claritev Corp (NYSE:CTEV) was last seen up 33.8% at $35.66, after last night receiving an upgrade from Piper Sandler to "overweight" from "neutral," with a price-target hike to $44 from $19. Trading at 52-week highs, the equity is up 135.5% since the start of 2025.
Meanwhile, shares of Caleres Inc (NYSE:CAL) are down 16% at $13.76, after the Famous Footwear parent suspended its annual forecast amid China uncertainty. The company also posted disappointing first-quarter earnings and revenue results. Hitting four-year lows today, CAL is down 40.5% year-to-date.