The Dow crossed 38,000 briefly, but has since pivoted lower
After a historic close above 38,000 yesterday, the Dow Jones Industrial Average (DJI) has already ceded this level, off by triple digits and poised to snap a three-day win streak as Wall Street pores over the latest batch of corporate reports. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both below breakeven at last check, with investors likely taking profits after the recent string of sizable gains. Despite today's choppy price action, the Cboe Volatility Index (VIX) is headed for a fourth-straight loss.
Continue reading for more on today's market, including:
Maplebear Inc (NASDAQ:CART) is seeing an influx in options trading today. At last check, over 5,800 puts have changed hands, volume that's triple the average intraday amount. The February 23 and 27-strike puts are the most popular, with spread activity detected between the two. The Instacart parent is up 4.2% to trade at $26.03, but just yesterday added 4.5% thanks to Benchmark initiating coverage with a "buy" rating and $32 price target. Year-to-date, CART is up 10.7%.
Verizon Communications Inc. (NYSE:VZ) is pacing the Dow today, last seen up 5.8% to trade at $41.87. The telecom giant reported adjusted fourth-quarter earnings and revenue that topped analyst forecasts. The company's annual adjusted profit forecast also exceeded estimates. VZ is trading at its highest level since February, and has now reclaimed its year-over-year breakeven level.
3M Co (NYSE:MMM) is at the bottom of the Dow today, down 10.3% to trade at $96.80, on track for its worst single-session drop since April 2019. The manufacturing company reported fourth-quarter earnings that whiffed on estimates, while 3M's full-year and first-quarter guidance also disappointed due to reduced demand and inflationary pressures. The stock is on the short-sale restricted list today and off by 21% year-over-year.
