The major indexes extended their shaky trading, with the blue-chip index logging its fourth-straight daily gain. Recession fears ahead of tomorrow's March inflation reading pushed the Nasdaq and S&P 500 lower, after both struggled for direction most of the day. CarMax (KMX) made noise after earnings as well, while oil snuck back above its round $80 mark. 

Continue reading for more on today's market, including:

• Dating stock edged higher on analyst praise.
• Blue-chip bank prepares for earnings.
• Plus, surging biotech concern; telecom stock to watch; and bulls blast WW International stock.

 Things to Know Today 

1. Ford Motor (F) is investing in its Ontario, Canada plant, putting $1.3 billion toward transitioning it to foster electric vehicle (EV) production. The company hopes to release its own line of EV within the next decade. (CNBC)
2. During its annual Vaccine Day, pharmaceutical leader Moderna (MRNA) revealed it is working on a vaccine for Lyme disease, which is contracted through infected tics and causes a myriad of severe symptoms. (MarketWatch)
3. Options traders flocked toward biotech powerhouse.
4. Telecomm stock dialed in right now.
5. Bull note blasted WW International stock.

Oil Clears Multi-Month Peak

Oil closed at a multi-month high following yesterday's lackluster performance and traders eye tomorrow's data release. For the session, May-dated crude added $1.79, or 2.2%, to close at $81.53 per barrel -- its highest mark since Jan. 23.

For a sixth-straight day gold finished above the $2,000 mark, following a supportive U.S. dollar. June-dated gold still tacked on $15.20 or 0.8%, to settle at $2,019 an ounce today.

JPMorgan Chase & Co (NYSE:JPM) will report first-quarter financial results before the open on Friday, April 14. The blue-chip bank concern has a disappointing post-earnings past, ending six of its last eight next-day sessions in the red. Regardless of direction, JPM averaged a 2.9% next-day return, which is lower than the 4.8% swing options players are pricing in this time around.  

Last seen up 0.6% to trade at $128.64, JPM has suffered alongside other major banks after the collapse of SVB Financial Group (SIVB). The equity recently dipped below its 200-day moving average, and though it's trading back above this trendline, it remains down on a year-to-date and year-over-year basis. JPMorgan Chase stock is now outpacing the Financial Select Sector SPDR Fund (XLF), though, and history suggests the battered sector is due for a rally.

There has been an uptick of bullish activity in JPM's options pits. This is per the stock's Schaeffer's put/call open interest ratio (SOIR), which ranks in the low 19th percentile of annual readings. This suggests short-term options traders have rarely been more call-biased.

Analysts are similarly optimistic, with 13 of 19 in coverage rating JPMorgan Chase stock a "buy" or better. Plus, the 12-month consensus target price of $151.70 is an 18% premium to JPM's current perch.

WW International Inc (NASDAQ:WW) stock is soaring today, after Goldman Sachs upgraded the WeightWatchers parent to "buy" from "neutral," with a price-target hike to $13 from $3.80.

The firm expects consumers to turn to the weight management company to help them navigate the "increasingly complex field of pharmaceutical solutions." Just last month, WW International entered the prescription weight loss business with its acquisition of Sequence, which offers users to access to appetite suppressing drugs such as Ozempic. 

The shares of WW International are up 45.6% at $6.00 at last glance, their highest level since last month's surge that preceded a correction back into penny stock territory. Today's bull gap has WW breaking above pressure at the $4.50 level. Year-to-date, the equity is up 55.7%. 

Of the seven analysts in coverage, two now carry a "buy" or better rating, while five still rate WW a "hold" or worse. Short interest has been building, however, and the 8.16  million shares sold short account for 15.4% of the stock's available float. 

The security's typically quiet options pits are bursting with bullish activity amid the surge. So far, 28,000 calls have been exchanged, which is 30 times the typical call volume seen at this point. The January 2024 15-strike call is the most active contract, with new positions being opened there. 

WW is sporting attractive premium at the moment, too, as per its Schaeffer's Volatility Index (SVI) of 84%, which sits in the low 12th percentile of its annual range. This means options traders are pricing in low volatility expectations at the moment. 

CarMax Inc (KMX) stock soaring this morning, after the retailer posted better-than-expected earnings for the fiscal fourth quarter. The company's adjusted earnings of 44 cents per share nearly doubled analysts' expectations, while revenue came in lower than anticipated. 

Last seen up 9.8% to trade at $72.35, KMX is now up 17.5%year-to-date. The shares are on track for the best single-session gain since March 2020, and are trading at their highest level since Feb. 21. The stock's 200-day moving average, which served as a ceiling back in February, remains potential resistance above.

A short squeeze could fuel additional gains. Short interest fell in the most recent reporting period, yet the 23.07 million shares sold short represents 14.7% of the stock's available float. At KMX's average pace of trading, it would take over nine days to buy back these bearish bets.

Options traders are targeting KMX today, with volume running at 11 times the intraday amount and pacing for the top percentile of its annual range. So far, 11,000 calls and 10,000 puts have crossed the tape, with the weekly 4/14 75-strike call the most popular. 

Stock futures are muted ahead of tomorrow's key economic data, which could provide further insight into how the Federal Reserve might proceed with interest rates. At last check, futures on the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (NDX) are all hovering near fair market value. 

• Schaeffer's Senior V.P. of Research Todd Salamone says the SPX is stuck between support and resistance.
• Options traders love this bank stock.
• Plus, CarMax's earnings beat, and Goldman Sachs upgrades 2 stocks.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 660,011 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.63 and the 21-day moving average stayed at 0.78.
2. CarMax, Inc (NYSE:KMX) stock is rallying ahead of the open, last seen up 5.8%. This comes after the used vehicle retailer saw fourth-quarter earnings that nearly doubled analysts' expectations. Should these gains hold, KMX could conquer the +10% year-to-date level.
3. Shares of Whirlpool Corporation (NYSE:WHR) are 2.7% higher premarket, after Goldman Sachs issued an upgrade to "buy." The analyst in question said the appliance name is not only affordable, but could rally more than 20%. Year-over-year, WHR is down 25%.
4. Goldman Sachs also upgraded WW International Inc (NASDAQ:WW) to "buy," helping shares add 26% in electronic trading. The brokerage said WW may triple in value thanks to "its new obesity drug on-ramp solution." In the last 12 months, WW is down 59%.
5. There's no economic data scheduled for release today.

All Eyes on South Korea's Interest Rate Decision

Markets in Asia mostly rose on Tuesday, with all eyes on the Bank of Korea’s interest rate decision, as the country’s central bank held rates for the second consecutive time. Japan’s Nikkei added 1.1%, while Hong Kong’s Hang Seng and the South Korean Kospi rose 0.8% and 1.4%, respectively. China’s Shanghai Composite bucked the regional trend, shedding 0.1%.

European markets are also trending higher, with mining stocks leading the gains. London’s FTSE 100 is up 0.3% midday, while the French CAC 40 rises 0.8%, and the German DAX moves 0.3% higher.

Stocks closed Monday mixed, as the S&P 500 inched into the black while investors awaited Wednesday's onslaught of economic data that could indicate the chances of a recession. Meanwhile, the tech-heavy Nasdaq lagged today, and the Dow eked out a modest win. 

Continue reading for more on today's market, including:

• Bearish trendline threatens PayPal stock.
• Put traders cash in on banking giant.
• Plus, popping semiconductor stock; rare downgrade to watch; options traders circle big-name finance stock.

 Things to Know Today 

1. The latest in electric vehicle (EV) technology is coming out of Warren Buffett-backed Chinese EV name BYD. (CNBC)
2. Following a blowout Easter opening for new hit film “The Super Mario Bros. Movie," AMC Entertainment (AMC) shares surged more than 30% in three days.(MarketWatch)
3. Semiconductor enjoys boost after rival production cut.
4. Rare downgrade just hit Block stock.
5. Options traders circle this notable finance name.

There were no earnings of note today.

Oil Shifts Back Below $80

U.S. oil prices moved back below the round $80 mark, as energy traders await the incoming economic data. For the session, May-dated crude fell 96 cents, or 1.2%, to close at $79.74 per barrel.

A strengthening U.S. dollar and "profit taking" sent gold futures lower. June-dated gold dropped $22.60 or 1.1%, to settle at $2,003.80 today.

Schaeffer's Expiration Week Countdown subscribers more than tripled their money with our suggested Charles Schwab Corp (NYSE:SCHW) April 54-strike put in three days. Below, let's dive into the telling points for this bearish bet, as well as how it played out so quickly. 

At the time of our recommendation on Sunday, April 2, SCHW was staging a bear pennant breakdown on the charts, and threatening to push below the $52 level. The shares were also pushing through a large put open interest (OI) level, with the weekly 4/6 48-strike put acting as a magnet. 

Short sellers were also piling on Charles Schwab stock, with short interest up nearly 41% in the most recent reporting period. The equity's Schaeffer's Volatility Scorecard (SVS) was also coming off its lowest level in years, a move that has typically preceded bearish price action. 

SCHW did in fact continue lower, allowing traders to collect the full 200% profit. The stock is now starting to rebound, last seen up 4.2% to trade at $51.42, though still sporting a 38.2% year-to-date deficit.