The Dow is struggling near breakeven
Wall Street continues to struggle, as rising bond yields put a damper on encouraging retail sales data for December. The Dow Jones Industrial Average (DJI) is stuck at breakeven, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly lower at midday. At last check, the 10-year Treasury yield was as high as 4.1%, as lackluster gross domestic product (GDP) data out of China and hawkish interest rate comments from European Central Bank President Christine Lagarde weigh on investors.
Continue reading for more on today's market, including:
JetBlue Airways Corp (NASDAQ:JBLU) is getting blitzed by call traders today, after the merger with Spirit Airlines (SAVE) was nixed by the Justice Department. At last check, over 160,000 calls have already changed hands, volume that's six times the average intraday amount and more than four times the number of puts traded. The weekly 1/26 5.50-strike call is the most popular, while new positions are being bought to open at the February 7 call. JetBlue stock is down 7.4% to trade at $4.75 today and is now 13.6% lower in 2024.
UnitedHealth Group Inc (NYSE:UNH) is one of the better stocks on the New York Stock Exchange (NYSE) today, last seen 1.3% higher to trade at $525.79. The healthcare giant is brushing off two price-target cuts to $581 and $643, respectively, from Piper Sandler and Bernstein. UNH remains up 9.1% year-over-year, and is looking to fill last week's post-earnings bear gap.
Tesla Inc (NASDAQ:TSLA) is near the bottom of the stock pile today, last seen down 3% to trade at $213.15. The electric vehicle (EV) powerhouse cut its Model Y prices in Germany, one week after trimming its prices in China. Wells Fargo and UBS responded with price-target cuts of $223 and $229, respectively, to Tesla stock. TSLA is down 14% in 2024 already, today testing its 320-day moving average, a historically bullish trendline.
