The Dow, S&P 500, and Nasdaq all hit record highs earlier this morning
Stocks are trying to stick the landing today, with record highs getting nabbed left and right. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all hit new record highs this morning, although the lattermost has since pivoted into the red. Nevertheless, all three major indexes are heading toward comfy weekly wins, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX) retreats for the third-straight day.
Continue reading for more on today's market, including:
- Carvana stock continues to turn heads.
- Upgrade soothes DraftKings stock slump.
- Plus, SQ pops post-earnings; PANW recovers; and WBD hits a record low.
Block Inc (NYSE:SQ) stock is getting lit up in the options pits today. At last check, over 305,000 contracts have changed hands already today, volume that's eight times the average intraday amount and pacing to be in the 100th percentile of its annual range. The weekly 2/23 80- and 82-strike calls are the most popular, as is the March 90 call, with new positions being bought to open at all three. SQ is up 17.6% to trade at $79.96, after the fintech company raised its first-quarter guidance, prompting 13 price-target hikes and one upgrade to "buy" from "neutral." The stock has now reclaimed its year-to-date and year-over-year breakeven levels.
Palo Alto Networks Inc (NASDAQ:PANW) stock is on the mend today, up 4.9% to trade at $280.71. Two days removed from a post-earnings drawdown of 28.4%, the cybersecurity stock is now only 5.5% lower in 2024. Wednesday's pullback found support at its 200-day moving average.
Warner Bros Discovery Inc (NASDAQ:WBD) is the worst stocks on the SPX today, down 11.8% to trade at $8.44 after the media company's fourth-quarter losses and revenue both missed estimates. WBD is now 27% lower in 2024, and earlier hit a record low of $8.25.