The Dow is sharply lower despite a big post-earnings pop from JPM
Stocks are slumping into the weekend with the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (IXIC) all deep in the red midday. Nevertheless, all three indexes are heading toward comfortable weekly wins. Investors are poring over the unofficial start of earnings season, with blue-chip bank giant J.P. Morgan Chase (JPM) a notable winner today. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is heading toward its lowest close since January 2022.
Continue reading for more on today's market, including:
- Bank stock lands post-earnings pop.
- Is this tech ETF headed for a breather?
- Plus, NIO bulls get bold; BAC's halo lift; and Boeing grounded by supply disruptions.
Nio Inc (NYSE:NIO) is a target of options traders today, with over 31,000 calls changing hands at last check, volume that's 1.1 times the average intraday amount. NIO is up 0.9% to trade at $9.18 today, but remains down 5% in 2023 and 52% year-over-year. The shares' 100-day moving average contained the most recent breakout toward the end of March.
Bank of America Corp (NYSE:BAC) is one of the better performers on the New York Stock Exchange (NYSE) today, last seen up 2.8% to trade at $29.36. The bank stock is likely getting a halo lift from the upbeat earnings reported by peers JPM and Citigroup (C). BAC is heading for its highest close in a month, but remains down 11.3% in 2023.
Boeing Co (NYSE:BA) is the worst Dow stock by far today, off by 6.2% to trade at $200.45 at last check. The aerospace giant had to halt deliveries some 737 Max airbuses due to a supplier problem with Spirit AeroSystems (SPR). BA is still up 4% in 2023, with possible support emerging at the psychologically-significant $200 level.