The Nasdaq is eyeing its best day since February and best week since early November
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are firmly higher this afternoon, as both indexes cruise toward weekly wins, the latter's first in five weeks and best since November 3. The tech-heavy index is also pacing for its best day since February thanks to a strong batch of Big Tech earnings.
The S&P 500 Index (SPX) is boasting a solid midday lead as well, looking to log its first positive week in April. An added boost could be stemming from a slightly higher-than-expected personal consumption expenditures (PCE) price index for March.
Continue reading for more on today's market, including:
- Blowout earnings drive Snap stock's surge.
- Downbeat guidance dings blue-chip stock.
- Plus, GOOGL's record high; TPC eyes best day since 2020; and KNSL extends losses.
Options traders are blasting Alphabet Inc Class A (NASDAQ:GOOGL) stock today, following news of the company's first-quarter earnings and revenue beat, a $70 billion stock buyback plan, and its first dividend. So far today, 382,000 calls and 153,000 puts have already traded hands, which is six times the intraday average volume. Most active is the soon-to-expire 4/26 175-strike call, where positions are being bought to open. GOOGL gapped to a record high of $174.71 earlier and sports a 22.3% lead for 2024.
Tutor Perini Corp (NYSE:TPC) stock is 21.2% higher to trade at $16.84 at last check, leading the New York Stock Exchange (NYSE), after the construction company reported blowout earnings and revenue for the first quarter. The shares hit a three-year high earlier, and are now pacing for their best single-day percentage gain since May 2020 after bouncing off the 40-day moving average. TPC is up 87.4% so far this year.
Shares of Kinsale Capital Group Inc (NYSE:KNSL) are down 16.9% to trade at $375.76 at last check, drifting toward the bottom of the NYSE. This bear gap comes after the insurance company reported a top- and bottom-line miss for the first quarter. KNSL is now trading at its lowest level since January.