Inflation data and Fed's interest rate decision ahead
Stocks are modestly higher this afternoon amid hopes of a dovish Fed, with the central bank's policy decision due out Wednesday. Traders are also looking ahead to tomorrow's inflation data, with Treasury yields mixed ahead of these events. Meanwhile, Nasdaq (NDAQ) stock is drawing attention after its largest acquisition in history, and the Cboe Volatility Index (VIX) is up 4.4% at last glance, after two consecutive weeks in the red.
Continue reading for more on today's market, including:
- Cruise stock upgraded on strong demand.
- Oracle stock hits record highs on pre-earnings bull notes.
- Plus, options traders blast SABR; KDNY soars on buyout; and TRNR plummets despite new facility.
Options traders are targeting Sabre Corp (NASDAQ:SABR) today, after news that it launched NDC content with Aeromexico to connected travel agents. So far, 8,227 calls and 8,086 puts have crossed the tape, which is five times the amount typically seen at this point. The December 2025 2-strike put and July 4.50 call are the two most active contracts, with new positions being bought to open at the latter. SABR is up 3.8% to trade at $3.46 at last glance, but remains down more than 43% year-to-date.
Biotech stock Chinook Therapeutics Inc (NASDAQ:KDNY) is trading at nearly five-year highs, last seen up 56.8% at $37.62, following reports that Novartis (NVS) will acquire the company for $3.5 billion. KDNY boasts a 117.4% year-over-year lead.
Interactive Strength Inc (NASDAQ:TRNR) is down 18.3% to trade at $4.26 at last check, after securing a $15 million credit facility to support an increase in demand. Only publicly traded for since April, TRNR is up 21.6% in the last month, but remains below its initial public offering (IPO) price.