The Dow and S&P 500 are headed for their third-straight losing week
The Dow Jones Industrial Average (DJI) is up 169 points this afternoon, but the triple-digit pop may not be enough to save the blue-chip index from a third-straight weekly loss. It's all but certain the S&P 500 Index (SPX) will clock a weekly loss alongside the Nasdaq Composite (IXIC), the latter last seen down triple digits and eyeing a fourth consecutive week in the red. Wall Street is digesting news of Israel's attack on Iran, which caused a short-lived spike in oil prices. At last check, black gold has cooled, trading up only 0.3% at $82.99 per barrel.
Continue reading for more on today's market, including:
- Buyout talks boost Paramount Global stock.
- Downgrade drives chip stock to 52-week lows.
- Plus, a Dow stock in focus; bank earnings to unpack; and a cracking glass stock.
American Express Company (NYSE:AXP) stock is drilled in the options pits today, with 22,000 calls and 12,000 puts traded so far, volume that's seven times the average intraday amount. Positions are being bought to open at the April 235 call, which expires at the close. AXP was last seen up 4.3% to trade at $226.86, after the credit card company beat first-quarter earnings and revenue estimates. Up 20.7% in 2024, the shares are now a chip shot from a March 21, record high of $231.69.
Metropolitan Bank Holding Corp (NYSE:MCB) stock is up 18.1% to trade at $39.10, one of the best stocks on the New York Stock Exchange (NYSE) today. The financial concern reported better-than-expected first-quarter profits and strong deposit flows, which sent shares above the 40-day moving average for the first time since January. MCB is still down 30% so far this year, though.
O-I Glass Inc (NYSE:OI) stock is near the bottom of the NYSE, down 5.7% to trade at $14.55 at last check, despite the company announcing it completed a $120 million plant upgrade project in Colombia. Shares are trading at their lowest level since February and have run into resistance at the $17.50 region multiple times since December, and shed more than 11.7% in the last 12 months.