All three indexes are moving comfortably higher this afternoon
Following a Truth Social post from President Donald Trump that stated the U.S. have “formed the framework of a future deal with respect to Greenland,” markets have continued higher into the afternoon. The Dow Jones Industrial Average (DJI) is up 442 points, as investors also digest gross domestic product (GDP) data that showed a 4.4% rise for September through July, on an annual basis. This was slightly faster growth than expected, and came alongside a consumer spending reading of 3.8% growth for Q3. Meanwhile, weekly jobs data rose just 1,000 to 200,000 -- indicating a stabilizing labor market.
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- Plus, Kraft stock is on the rebound; insurance name making moves with Tesla; and food stock suffering a steep post-earnings drop.
Kraft Heinz Corp (NASDAQ:KHC) is on the rebound, up 1.3% at $22.71 this afternoon, after yesterday suffering a steep, post-earnings drawdown of 5.7%, which resulted in a nearly six-year low of $21.98. Call traders are entering in droves, with 73,000 contracts across the tape so far, six times the average daily rate. Most popular are the 30-strike calls for both the weekly 1/23 and weekly 1/30 series, with opening activity detected.
Insurance name Lemonade Inc (NYSE:LMND) is near the top of the New York Stock Exchange (NYSE), up 15.8% at $98.20 at last glance, after yesterday's news broke of its autonomous car insurance, which will launch with Tesla FSD models, cutting rates up to 50%. LMND earlier hit a four-year high of $99.18, with long-term support stemming from the 100-day moving average. This trendline has triggered several bounces higher since June.
One of the worst NYSE performers this afternoon is McCormick & Company Inc (NYSE:MKC), the food processing giant last seen off 6.9% at $62.04 -- a more than two year low. The company posted a fourth-quarter earnings and revenue miss, while also disappointing with its annual profit forecast. Over the past 12 months MKC has struggled, shedding 18.3%.