Powell and Mester both chimed in on interest rates today
After two days of big stock market gains, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) have swung lower today -- though both were off their session lows at last check. The negative session comes as key Fed officials weigh in on interest rates ahead of tomorrow's highly anticipated inflation data. While Fed Chair Jerome Powell said the central bank "will remain alert to any developing risks to financial stability," Cleveland Fed President Loretta Mester supported a "gradual upward path of interest rates," but added the pace of rate hikes may need to be adjusted based on inflation surprises.
Continue reading for more on today's market, including:
- Stocks just did this for the first time in four years.
- 2 more stocks falling on Amazon fears.
- Plus, Micron calls heat up; and 2 surging retail stocks.
Among the stocks with unusual options volume today is Micron Technology, Inc. (NASDAQ:MU), with nearly 86,000 calls traded -- 1.2 times what's typically seen at this point in the day. The bulk of the action is due to 29,900 April 47 calls that were likely bought to open for $1.93 apiece, though they could be tied to stock. Regardless, MU shares are up 0.8% at $42.52, with Trade-Alert citing a Digitimes article that calls for a 30% rise in DRAM prices this year.
Under Armour Inc (NYSE:UAA) is one of the best stocks on the New York Stock Exchange (NYSE) today, after the athletic apparel retailer reported stronger-than-expected fourth-quarter revenue. UAA stock was last seen trading up 16.6% at $16.59 -- and briefly topped its 180-day moving average for the first time since August 2016.
GNC Holdings Inc (NYSE:GNC) is also one of the best stocks on the NYSE today, surging 30.6% to trade at $5.47. The health and wellness retailer announced a distribution partnership with -- and key investment from -- China's Harbin Pharmaceutical.