All three major indexes are higher midday
The S&P 500 Index (SPX) is continuing its trek to a fresh record high, now 0.4% shy of the level. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are comfortably higher as well, with defense stocks giving sentiment an overall boost. Eyes remain on the Federal Reserve, with tensions heightening between Chair Jerome Powell and President Trump, as the pressure to cut interest rates grows. Meanwhile, jobs data for the past week showed a pullback to 236,000 significantly below the estimated 244,000.
Continue reading for more on today's market, including:
- Casino stock lands another bull note this week.
- $500 million offering triggers defense stock's slide.
- Plus, gambling stock downgraded; steel giant climbs NYSE; and one of the worst software names today.
Casino and hotel chain MGM Resorts International (NASDAQ:MGM) is down 0.6% to trade at $33.68, lower after suffering a downgrade to "market perform" from "outperform" at Citizens JMP. In response, the equity is popping in the options pits, with 22,000 calls traded so far -- 9 times the average pace of trading. Most popular is the weekly 6/27 34.50-strike call, where new positions are being opened. For 2025, MGM has slipped 2.8%.
Worthington Steel Inc (NYSE:WS) is topping the New York Stock Exchange (NYSE) today, up 15.8% at $30.37 at last check, after the iron and steel stock posted fiscal fourth quarter profit beat, brushing off a drop in quarterly sales. WS is now eyeing its best daily performance on record and sports a 17% quarterly gain.
One of the worst stocks on the NYSE today is tech name Unity Software Inc (NYSE:U), down 3.8% to trade at $23.30 at last check. Weighing on the shares today is an initiation of coverage by BofA Global Research at "underperform" with a price target of $15, representing a 35% downside to current levels. U is gripping to its year-to-date mark amid the fall, with added pressure looming at the 20-day moving average.
