Investors are in a holding pattern ahead of a pivotal three-day stretch on Wall Street
Stocks are sluggish to start the week, with the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) slightly above breakeven at midday, while the Nasdaq Composite (IXIC) sports a more substantial gain. Today's slow churn comes ahead of the Federal Open Market Committee (FOMC) two-day policy meeting that starts tomorrow, with interest rates expected to remain steady.
In addition, Alphabet (GOOGL), Amazon.com (AMZN), Apple (AAPL), Microsoft (MSFT), and Meta Platforms (META) -- more than 71% of the "Magnificent Seven" -- will step into the earnings confessional over the next three days.
Continue reading for more on today's market, including:
- Fintech stock eyes best day since 2022.
- Discount retail stock ripe for upgrades
- Plus, SQ calls pop; ADM suspends bonuses; and a streaming stock downgraded.
Block Inc (NYSE:SQ) stock is getting attention in the options pits today. At last check, 48,000 calls have exchanged hands, volume that's double the average intraday amount and more than double the number of puts traded. Positions are now being opened at the weekly 2/2 70-strike call, which is the most popular, though the 69- and 68-strike calls in the same series are also popular. SQ is up 3.9% at $67.52, after Monness Crespi Hardt hiked its price target to $85 from $75. Year-to-date, Block stock is down 16%.
Archer-Daniels-Midland Co (NYSE:ADM) stock is up 3.9% to trade at $54.06, after Reuters reported the company was delaying its executive bonuses amid an investigation into the grain merchant's accounting practices. ADM shed 24% last Monday when the news broke, and is down more than 25% in 2024 already.
Warner Bros Discovery Inc (NASDAQ:WBD) stock is near the bottom of the pile today, down 2.2% at $10.38 at last check. Wells Fargo downgraded the equity to "equal-weight" from "overweight," while also trimming its price target to $12 from $16. The analyst in coverage highlighted cord cutting and a lack of sports rights as catalysts for the bear note. WBD is down 8.9% in 2024.