Goldman Sachs just initiated coverage on Juniper Networks Inc (NYSE:JNPR) with a "buy" rating and $39 price target --  nearly 25% higher than yesterday's close. Though the firm acknowledged some near-term headwinds, including budget scrutiny, the analyst in coverage said the company will benefit from its enterprise business.

JNPR is up 0.3% at $31.43 at last check. The stock bounced off its 120-day moving average last week, and is nearing the $32 level, which acted as a ceiling for its mid-February rally. Over the last six months, however, the equity added 13.2%.

Coming into today, eight analysts carried a "buy" or better rating on JPNR, while 11 said "hold," and three called it a "sell." The 12-month consensus price target of $36.02 is a 14.6% premium to current levels. 

Now looks like an opportune time to weigh in with options. The stock is seeing attractively priced premiums at the moment, per the security's Schaeffer's Volatility Index (SVI) of 23%, which sits in the low 1st percentile of its annual range. 

Stock futures are inching higher, following yesterday's muted session, with all eyes on the upcoming two-day testimony from Fed Chair Jerome Powell, which will begin at 10am. Futures on the Dow Jones Industrial Average (DJIA) are up 19 points at last glance, as several big name earnings reports and analyst updates create additional buzz for investors. 

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

• Assessing the SPX's outlook with Schaeffer's Senior V.P. of Research Todd Salamone. 
• 2 Biotech stocks swung in opposite directions following updates. 
• Plus, why RIVN is sinking; MLYS receives coverage; and why DKS is enjoying a post-earnings pop. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 681,614 put contracts traded on Monday. The single-session equity put/call ratio rose to 0.67 and the 21-day moving average fell to 0.78.
2. The shares of Rivian Automotive Inc (NASDAQ:RIVN) are down 5.7% premarket, after the company announced plans to sell $1.3 billion worth of bonds. On the charts, the $16 level lingers as recent support. Year-over-year, the equity is down 63.9%. 
3. Newly public Mineralys Therapeutics Inc (NASDAQ:MLYS) is up 3.4% in electronic trading, after no fewer than four analysts initiated coverage with positive ratings, including Credit Suisse with an "outperform." The equity is up 6% in the last month. 
4. Dick's Sporting Goods Inc (NYSE:DKS) is in the spotlight before the open, after the retailer's upbeat fourth-quarter results and full-year forecast. Plus, the company's comparable store sales jumped 5.3%, more than doubling analyst estimates of 2.1%. DKS is up 6% ahead of the bell. 
5. Consumer credit data is on tap today.

Overseas Markets Await Fed Comments

Asian markets were mixed on Tuesday, as investors eyed today’s congressional testimony from Fed Chair Jerome Powell. They also unpacked China’s smaller-than-expected drop in exports for February, while imports fell more than anticipated. In response, China’s Shanghai Composite and Hong Kong’s Hang Seng shed 1.1% and 0.3%, respectively. Meanwhile, Japan’s Nikkei added 0.3%, while the South Korean Kospi was flat.

European markets were last seen treading water, with Powell’s testimony in focus as well. Plus, both the British pound and euro are losing strength against the U.S. dollar. At last check, France’s CAC 40 and the German DAX are slightly above breakeven with respective 0.05% and 0.07% gains, while London’s FTSE 100 is 0.3% higher.

Stocks struggled to make headway on Monday, with the Dow and S&P 500 finishing flat  and Nasdaq settling slightly below breakeven. The Dow and Nasdaq were both up triple digits at their session highs. 

Rising bond yields weighed on the latter, as investors look ahead to Federal Reserve Chair Jerome Powell's testimony before the Senate Banking Committee over the next two days, which could offer clues as to the central bank's stance on interest rate hikes going forward. 

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

• Homebuilding stock hit with double downgrade.
• New record within reach of energy stock.
• Plus, 2 biotech stocks to watch; Altria's latest acquisition; and Allbirds stock draws bearish attention.

5 Things to Know Today 

1. Norfolk Southern (NSC) is making safety adjustments after a third train derailment in just over one month, including the toxic disaster in East Palestine, Ohio. (CNBC)
2.  JPMorgan Chase (JPM) CEO Jamie Dimon is most worried about the Ukraine war, which is affecting oil markets, food prices, and U.S.-China relations. (MarketWatch) 
3.  Why options trades blasted these 2 biotech stocks. 
4. Altria to buy e-cigarette startup for roughly $2.75 billion
5. Why this analyst turned bearish on Allbirds stock today.

Oil Prices Edge Higher as Gold Price Flatten

Oil prices closed higher on Monday, as traders brushed off China's modest economic growth target of roughly 5%. Higher Arab light crude oil prices boosted confidence in demand growth expectations. April-dated crude settled 78 cents higher, or 1%, to finish at $80.46 per barrel.

Gold prices settled near breakeven ahead of Fed Chair Powell’s congressional testimony over the next two days. April-dated gold closed at $1,854.60 for the day.

Ford Motor Co (NYSE:F) is looking to snap a five-day losing streak, down 0.6% at $13.00 at last glance. The stock has been seeing some pressure just above the $13 level, though it's worth noting that F broke back above its 20-day moving average during yesterday's 4.2% pop. 

The auto name has caught the attention of options traders lately. According to Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest weekly options volume in the past 10 days, F saw 2,038,895 calls and 1,597,518 puts exchanged in that time. The most popular contract over this period was the March 15.35 put, followed by the 16.35 put in the same series. 

These options traders are in luck, as now looks like an opportune time to weigh in with options. The stock is seeing attractively priced premiums at the moment, per F's Schaeffer's Volatility Index (SVI) of 35%, which sits in the low 3rd percentile of its annual range. 

At least two biotech stocks are seeing increased scrutiny in the options pits, with BridgeBio Pharma Inc (NASDAQ:BBIO) and Esperion Therapeutics Inc (NASDAQ:ESPR) moving in opposite directions following their respective drug updates. 

BridgeBio Stock Hits 12-Month High

Last seen up 61.3% to trade at $17.53 and earlier touching a more than one-year high of $19.39, BridgeBio stock is set to lock in its best-ever session, following positive results from the company's dwarfism therapy. Specifically, BridgeBio's infigratinib -- a potential treatment for a form of dwarfism called achondroplasia -- resulted in an increase of 3.03 centimeters per year. 

Options traders seem to be excited about the news. In fact, 9,020 calls and 4,979 puts have crossed the tape so far today, which is 22 times the intraday average volume. The most popular contract is the March 20 call, followed by the 55 put in the same series, with new positions being opened at both.

Esperion Therapeutics Cholesterol Drug Fails to Impress

Esperion Therapeutics stock, meanwhile, is 21.1% lower to trade at $5.01 at last check, after data from a study of the company's cholesterol-lowering drug, Nexletol, failed to wow investors. Digging deeper, questions arose about Nexletol's ability to reduce the risk of heart attacks and other cardiovascular problems for individuals that can't tolerate statins, as well as worries over the drug's potential to increase sales.

The stock's normally quiet options pits are popping with activity as well, with the 7,948 calls and 2,817 puts that have been traded so far today accounting for four times the amount typically seen at this point. The most popular contract by far is the March 5 put, while new positions are being opened at the 5 call from the same monthly series.

Marathon Petroleum Corp (NYSE: MPC) stock is down 1.4% to trade at $131.66 at last check, as China's disappointing growth outlook drags the energy sector lower. The security is up 69.4% year-over-year, however, after surging to a Jan. 27, all-time high of $136.46. This pullback may have created the perfect buying opportunity for investors, too, as the security is currently flashing a bull signal.

According to Schaeffer's Quantitative Analyst Rocky White, MPC's latest peak comes amid historically low implied volatility (IV), which has been a bullish combination for the shares in the past. White's data shows seven similar signals in the past five years when the equity was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) stood in the 20th percentile of its annual range or lower. This is now the case with Marathon Petroleum stock's SVI of 31%, which ranks in the low 2nd percentile of its annual range. 

One month after these signals, MPC was higher 57% of the time to average a 4.4% pop. From its current perch, a move of comparable magnitude would place shares at a fresh record high of $137.45.

While the brokerage bunch already leans bullish, there is still some room for upgrades, which could push the equity even higher. Of the 14 analysts in coverage, four call MPC a tepid "hold."

KB Home (NYSE:KBH) received a double downgrade from J.P. Morgan Securities this morning. The firm slashed its rating to "underweight" from "overweight," with a price-target cut to $32.50 from $36, noting the stock valuation is too high. At last glance, KBH is down 1% at $35.39. 

Support at its 60-day moving average appears to be keeping KBH's losses in check today, though it's worth noting that the overhead $36 level has been pressuring the shares over the last few weeks. Year-to-date, the equity is up 11.4%. 

Of the 16 analysts in coverage, six carried a "buy" or better rating coming into today, with eight saying "hold," and two "sell" or worse. The 12-month consensus price target of $41.27 is a 16.1% premium to current levels. It's also worth noting that short interest makes up 6.9% of the stock's available float, or nearly four days' worth of pent-up buying power. 

Now looks like an opportune time to weigh in with options. The stock is seeing attractively priced premiums at the moment, per KBH's Schaeffer's Volatility Index (SVI) of 34%, which sits in the low 1st percentile of its annual range.