The Dow is more than 250 points lower this afternoon
Disappointing blue-chip earnings and a hotter-than-expected employment cost index for March are pressuring stocks ahead of the Federal Reserve's interest rate decision tomorrow. Plus, consumer confidence last month fell to levels not seen since July 2022.
The Dow Jones Industrial Average (DJI) is down more than 250 points at midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are lower as well, with all three major benchmarks eyeing their first monthly losses since October.
Continue reading for more on today's market, including:
- Rare profit miss dings McDonald's stock.
- Crypto stock gaps lower on dismal quarter.
- Plus, PayPal hikes profit forecast; ATI stays hot; and HEES loses long-time support.
PayPal Holdings Inc (NASDAQ:PYPL) stock is getting attention in the options pits today. So far, 147,000 calls and 79,000 puts have swapped hands, volume that is eight times the intraday average amount. Positions are now being bought to open at the most popular weekly 5/3 70-strike call, after the fintech company beat first-quarter earnings estimates and hiked its 2024 profit forecast. The shares are now trading at their highest level since August, and eyeing a third-straight gain. PYPL is up 33% in the last six months.
ATI Inc (NYSE:ATI) stock is up 16.9% to trade at $60.65 at last check -- and earlier hit a 13-year high of $61.09 -- sitting near the top of the New York Stock Exchange (NYSE). This bull gap came after the aerospace company reported first-quarter earnings and revenue that surpassed expectations. ATI bounced off the 60-day moving average to blast through the $53 region, which had been capping price action since March. The stock is pacing for its fifth consecutive gain and boasts 58.2% year-over-year lead.
H&E Equipment Services, Inc (NASDAQ:HEES) stock is down 16.5% at $49.45 at last check, sitting near the bottom of the Nasdaq after the company missed top- and bottom-line expectations for the first quarter. The shares are gapping below the 80-day moving average, which had been acting as support since late November, as they trade at their lowest level since January. So far this quarter, HEES has already dropped over 22%.