All three major indexes are heading toward their best day since 2020
Inflation data for October is sending stocks to the moon today, with the Dow Jones Industrial Average (DJI) up 932 points at midday, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) eye their own massive gains. The Dow is heading toward its best single-session gain since June 2020, while the S&P 500 and Nasdaq cruise toward their best month since April 2020.
The consumer price index (CPI) for October rose 0.4% for the month and 7.7% year-over-year, which is lower than the 0.6% and 7.9% anticipated by analysts, while core CPI data came in below expectations as well. Investors are hopeful that this means inflation has peaked, and bond yields are diving lower in response, with the 10-year Treasury yield dropping below the key 4% level.
Continue reading for more on today's market, including:
- Target makes plans for bigger and better retail stores.
- Unpacking the AstraZeneca stock bull gap.
- Plus, options traders blast Unity Software stock; APPS soars after earnings; and VERU plummets on FDA rejection.
Unity Software Inc (NYSE:U) is the most popular stock amongst options traders today, following its upbeat third-quarter results. So far, 28,000 calls and 30,000 puts have been exchanged -- six times the intraday average amount. The January 2023 20-strike put is the most popular, followed by the 17.50 put in the same standard series. At last glance, U was up 29.8% at $27.90, bouncing off yesterday's record low of $21.22, though the stock is still seeing pressure from its 20-day moving average.
Digital Turbine Inc (NASDAQ:APPS) is one of the top performers on the Nasdaq today, up 46.3% to trade at $15.76 at last glance, after the software name's fiscal second-quarter earnings beat and raised full-year forecast. The stock is brushing off two bear notes, after Craig-Hallum cut its price target to $30 from $60, while Oppenheimer slashed its to $17 from $19. Today's pop has APPS rising from last session's two-year low of $10.65. Year-to-date, the equity is still down 74%.
Meanwhile, Veru Inc (NASDAQ:VERU) is sitting out the rally today, down 53.9% at $6.92 at last glance, after the U.S. Food and Drug Administration (FDA) voted against the company's Covid-19 drug. Jefferies downgraded the stock to "underperform" from "buy" after the news, while H.C. Wainwright slashed its price target by $3 to $21. Year-to-date, VERU is still up 15.4%.