All three major benchmarks are firmly lower today
Stocks are tumbling this afternoon, as corporate earnings spark fear over how Wall Street's heaviest hitters are faring amid rising rates and recession worries. Microsoft (MSFT) and Boeing (BA) are in focus today, with the former issuing a lackluster guidance and the latter missing top- and bottom-line estimates.
In response, the Dow Jones Industrial Average (DJI) is off by more than 350 points and set to snap a three-day win streak. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both swimming in red ink as well, with tech stocks in particular selling off today.
Continue reading for more on today's market, including:
- 2 solar stocks facing strong headwinds.
- Unpacking Microsoft's quarterly earnings report.
- Plus, Shopify's new pricing plan; and two stocks making post-earnings moves.
Shopify Inc (NYSE:SHOP) is 5.3% higher at $44.94 and seeing tons of options activity today. Already today, 66,000 calls and 30,000 puts have been exchanged, volume that's five times the intraday average amount. The most popular contract is the weekly 1/27 46-strike call, where new positions are being bought to open. This morning, Shopify's corporate blog revealed plans to raise its monthly prices. The e-tail stock is trading at its highest level since May, and is up more than 31% higher year-to-date.
Stride Inc (NYSE:LRN) is the best-performing stock on the New York Stock Exchange (NYSE) today, last seen 22.8% higher at $39.09 after a fiscal second-quarter beat and raise. The education company's earnings were better than expected, while fiscal third-quarter guidance was also raised. Year-over-year, LRN is up 54%.
Near the bottom of the NYSE, Ashland Inc (NYSE:ASH) was last seen down 6.5% to trade at $102.61, even though the chemical company maintained its full-year forecast and authorized a quarterly dividend. ASH is now 4.3% lower in 2023.