CPI and PPI readings for November are coming
The Dow Jones Industrial Average (DJI) sports a modest midday gain, while the S&P 500 Index is flat, and the Nasdaq Composite (IXIC) is lower. Investors are focused on the Federal Reserve's interest rate decision that's due out Wednesday, with rates expected to stay unchanged. A wave of inflation data is due out before then, however, including the consumer price index (CPI) and producer price index (PPI) for November.
Continue reading for more on today's market, including:
- An early Christmas present for Macy's.
- Analysts: These 2 retail stocks are a "buy."
- Plus, Nordstrom stock riding sector tailwinds; behind Cigna stock's surge; and GIL on track for worst day since 2020.
Nordstrom Inc (NYSE:JWN) is popular with bulls today, after sector peer Macy's (M) reportedly received a $5.8 billion buyout bid. So far today, 38,000 calls have crossed the tape, or 10 times the intraday average volume, compared to 2,572 puts. Most popular by far is the December 17 call. Last seen up 4.2% at $17.03 at last check, the stock is now trading at its highest level since late August, but is yet to conquer its 320-day moving average. For 2023, Nordstrom stock sports a 5.4% lead.
Cigna Group (NYSE:CI) is one of the best stocks on the New York Stock Exchange (NYSE) today, last seen up 16.3% at $300.97. The healthcare and insurance name reportedly abandoned plans to acquire rival Humana (HUM) amid price disagreements, and announced an additional $10 billion share buyback plan. The shares are pacing for their biggest single-day percentage gain since February 2009, but are still down 9.3% this year.
Gildan Activewear Inc(NYSE:GIL) is at the bottom of the NYSE, down 11.6% at $32.27 at last check, after the company appointed Vince Tyra as president and CEO. Shares are tumbling off their Dec. 5, 52-week high of $37.64, but their 60-day moving average looks poised to contain today's pullback, which may be the biggest since April 2020.