Stocks are mixed, paring their morning gains
The major indexes are mixed midday, as investors continue to unpack more hotter-than-expected inflation data. The Dow Jones Industrial Average (DJI) is firmly lower, on track to snap a four-day win streak, while the S&P 500 Index (SPX) sits flat, and the Nasdaq Composite (IXIC) sports muted gains. Meanwhile, bond yields are once again moving higher after this morning's consumer price index (CPI) reading.
Continue reading for more on today's market, including:
- Union strike reaches Ford's biggest plant.
- Delta Air Lines posts record-setting revenue.
- Plus, options traders chime in on CMC; FAST rises after earnings; and INMD lowers forecast.
Call traders are targeting Commercial Metals Co (NYSE:CMC) today, as the stock falls following the company's fiscal fourth-quarter earnings miss. So far, 15,000 calls have been exchanged -- 66 times what's typically seen at this point -- in comparison to just 1,249 puts. The March 47.50 call accounts for most of this volume, with new positions being opened there. At last check, CMC was down 10.7% at $43.18, and gapping below its 320-day moving average.
Fastenal Co (NASDAQ:FAST) stock is up 7.8% at $60.40 at last glance, after the company's third-quarter earnings beat estimates. The company saw stronger demand for products such as safety gloves, power tools, and fasteners. Now trading at fresh 52-week highs, the equity is up roughly 27% since the start of the year.
Israel-based medical equipment concern InMode Ltd (NASDAQ:INMD) is down 23.8% at $22.37, and trading at one-year lows, after the company lowered its full-year revenue forecast. To follow, Baird slashed its price target to $32 from $61, with another cut from Jefferies to $45 from $55. The equity is down 38.3% in the last 12 months.