Upbeat earnings and falling oil prices are boosting sentiment
Stocks are rallying after upbeat earnings from Palantir Technologies (PLTR) and Caterpillar (CAT) lift investor sentiment. Oil prices contributing to the upbeat session, after Treasury Secretary Scott Bessent said the U.S. is in talks with Iran on a deal to reopen the Strait of Hormuz later this week.
The Dow Jones Industrial Average (DJI) is up more than 800 points at midday, extending last session's record highs. The S&P 500 Index (SPX) is also trading at fresh record highs, while the Nasdaq Composite Index (IXIC) has surged more than 500 points.
Continue reading for more on today's market, including:
- Semiconductor stock shrugging off Q2 beat.
- SaaS stocks ready to pop off this month.
- Nike stock dinged by JP Morgan downgrade.
- Plus, SNAP bulls charge; W's best revenue since 2020; BRKR shrugs earnings beat.
Seeing a surplus of attention in the options pit is Snapchat parent, Snap Inc (NYSE:SNAP), last spotted trading up 14%. More than 186,000 calls have changed hands so far today, which is 10 times SNAP's average daily pace. The most popular option by far is the weekly 8/7 6-strike call while new positions are opening at the weekly 8/14 6-strike call.
Furniture retailer Wayfair (NYSE:W) is trading among the New York Stock Exchange's (NYSE) best-performing stocks today after reporting an impressive second-quarter, highlighting its best sequential revenue growth since 2020. The company posted earnings of $0.95 per share on $3.52 billion in revenue. Today's surge of 27.3% has erased the stock's annual losses, and W is now up 13% year-to-date, and near its February highs.
Bruker (NASDAQ:BRKR) is one of today's worst performers on the Nasdaq-100 after valuation concerns overshadowed the company's better-than-expected second-quarter results. Trading has been choppy recently, with BRKR pacing for its third loss in the last five daily sessions. The stock was last seen down 17.2% at $53.19 but still carries a 53.5% 12-month lead.
