Another rate cut is expected for Wednesday's Fed meeting
The Dow Jones Industrial Average (DJI) and tech-heavy Nasdaq Composite (IXIC) are both up triple digits this afternoon, tapping record highs alongside the S&P 500 Index (SPX). The chip sector is giving markets a boost, as anticipation grows surrounding new 'framework' for U.S. and China's trade talks. Eyes are also on Wednesday's Federal Reserve meeting, where investors expect another rate cut.
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Joining today's semiconductor melt up is Qualcomm Inc (NASDAQ:QCOM), last seen 18% higher at $200, adding to its already 29% year-to-date gain and earlier hitting a record-high $205.95. So far today, 212,000 calls and 73,000 puts have crossed the tape, 18 times the volume typically seen at this point. The most active contract is the weekly 10/31 180- and 200-strike calls, with new positions opening at both.
One of the best stocks on the New York Stock Exchange (NYSE) today, Lemonade Inc (NYSE:LMND) is eyeing a third-straight pop and pressuring the $55 level. Though the catalyst for today's lift is unclear, it will be adding to the already 50% year-to-date lead, with extra support stemming from the ascending 100-day moving average.
Coeur Mining Inc (NYSE:CDE) shares were last seen down 7.5% at $17.25, pushing it to one of the worst names on the NYSE, as mining stocks suffer a major setback amid a drop in gold prices. CDE is headed for its lowest close since Sept. 18, but remains more than 200% higher for 2025.