Stocks are cautiously higher ahead of the Fed meeting minutes
The Dow Jones Industrial Average (DJIA) is trading higher at midday, as the index sets its sights on a fourth straight win. However, gains are somewhat muted ahead of the release of the Fed meeting minutes later this afternoon -- particularly on the heels of Tuesday's strong retail sales data, which revived expectations for a rate hike later this year. Traders may gain additional insight into the central bank's outlook from Chicago Fed President Charles Evans, who's scheduled to discuss monetary policy with reporters shortly after midday.
Continue reading for more on today's market -- and don't miss:
- The retail stock that snapped the sector's negative earnings trend.
- 2 analysts cut down Disney stock.
- Plus, CBI slumps on a downgrade; a mining stock surges with copper prices; and Zoe's Kitchen bounces ahead of earnings.
Among the stocks with unusual options volume is construction concern
Chicago Bridge & Iron Company N.V. (NYSE:CBI), with roughly 33,000 puts traded. That's nine times the average intraday pace, and CBI put volume so far today has already registered in the 100th percentile of its annual range, per Trade-Alert. CBI stock is currently down 6.9% to trade at $10.42 -- a new eight-year low -- after a
post-earnings downgrade to "hold" at Jefferies.
Mining stock Freeport-McMoRan Inc (NYSE:FCX) is trading higher, up 5.9% at $14.79 and near the top of the S&P 500 Index (SPX) today. FCX received a price target hike to $15 from $13 at Citigroup, and is now up 12% year-to-date. The shares have been gaining ground alongside rising copper prices, with copper futures up 2.5% at $2.96 per pound.
Zoe's Kitchen Inc (NYSE:ZOES) is among the best stocks on the New York Stock Exchange, up 9.9% to trade at $12.36 ahead of Thursday night's second-quarter earnings report. It's been a tough year for ZOES stock, which has shed 48% year-to-date, and fell to a record low of $10.77 back on Aug. 3. However, the rally today has the stock on pace to close above its 40-day moving average for the first time since mid-May.
