Wall Street is flat to close out the holiday-shortened week
Stocks are flat midday, potentially ending the week, month, and quarter with a whimper. Wall Street is seemingly ambivalent about a double dose of upbeat economic data that points to a cheery economic outlook, with the Dow Jones Industrial Average (DJIA) last seen marginally higher. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also barely in the black, though the former is in position for another record close. Despite the hesitancy today, all three major indexes are headed for outsized monthly and quarterly gains, while the former two are eyeing a weekly gain as well.
Continue reading for more on today's market, including:
RH (NYSE:RH) is getting lit up in the options pits today. The furniture retailer whiffed on fourth-quarter earnings but forecasted stronger-than-expected demand for 2024. RH is up 18.8% to trade at $352.84 at last check, trading at its highest level since a post-earnings bear gap on Sept. 8. The equity is on track for its best single-session pop since September 2020, and options bulls want in. At last check, 33,000 calls have changed hands, volume that's 17 times the average intraday amount. A slew of weekly 3/28 calls at the 360-, 350-, and 365- strikes are leading the charge, with new positions being bought to open at all three.
Match Group Inc (NASDAQ:MTCH) stock is near the top of the SPX today, last seen up 2.3% to trade at $36.71, after the dating app company expanded its board to 12 members. MTCH has now reclaimed its year-to-date breakeven level, and is testing its 160-day moving average, a trendline that turned away rallies since January.
Tesla Inc (NASDAQ:TSLA) is near the bottom of the SPX, off by 1.6% to trade at $176.97. The electric vehicle (EV) giant received a price-target cut from Deutsche Bank to $200 from $218 this morning. Both Deutsche and RBC also downwardly revised EV deliveries for the first quarter, while Xiaomi challenged the EV market in China with a cheaper model than Tesla's. Tesla stock is down 28.8% in 2024.