Wall Street is lifted by upbeat corporate earnings
The Dow Jones Industrial Average (DJI) is up 440 points at midday, trading at more record highs. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) have turned lower, though not before the SPX notched a fresh record peak as well. Nvidia (NVDA) is in focus after Elon Musk said SpaceX (SPCX) will only use Nvidia processors to build its AI computing infrastructure. Investors are continuing to cheer upbeat corporate earnings, with Walt Disney (DIS) and Eli Lilly (LLY) among today’s standout gainers, while optimism surrounding a potential U.S.-Iran agreement to reopen the Strait of Hormuz is helping keep oil prices in check.
Continue reading for more on today's market, including:
- Shopify stock soars as earnings impress.
- Pharma giant posts beat-and-raise on GLP-1 demand.
- Plus, bulls target ZETA; MTRN's best day ever; and DVA's plummet from highs.
Options traders are loading up on Zeta Global Holdings Corp (NYSE:ZETA). More than 99,000 calls have already changed hands, which is 14 times ZETA's average daily pace. The most popular option by far is the weekly 8/7 27-strike call, with new positions opening there too. The stock was last seen up 13.5% at $27.55.
Shares of Materion Corporation (NYSE:MTRN) are surging 26.2% to trade at $287.00 after the company reported better-than-expected quarterly earnings and revenue. Adjusted earnings per share came out to $1.90 on $613.91 million in revenue. The stock is on track to mark its best daily percentage gain ever and should these gains hold, MTRN could nab its fifth straight daily win.
One of the worst performers on the New York Stock Exchange (NYSE) today is Davita (NYSE:DVA), last spotted down 19.3% to trade at $184.36. The shares are continuing their pullback from their August 3 record-high of $247.13 and have fallen to early-May lows, an area that also coincides with the 120-day moving average. DVA remains up 63% year-to-date, however.
