The Dow is looking to brush off yesterday's dip, while the S&P 500 and Nasdaq are higher
Stocks are inching higher midday, as investors unpack the latest inflation data. April's producer price index (PPI) came in hotter than anticipated, which initially weighed on Wall Street's expectations of an interest rate cut later this year. However, stocks are getting a reprieve after March's wholesale price reading was downwardly revised to a 0.1% decline. The 10-year Treasury yield spiked this morning but has since cooled.
The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are slightly higher at last check, while the Nasdaq Composite (IXIC) outperforms the broader market. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is eyeing a ninth loss in the last 10 sessions.
Continue reading for more on today's market, including:
- Underperforming Boston Beer stock gets upgraded.
- Analysts brush off Alibaba's earnings miss.
- Plus, Peloton stock rebounds; GameStop can't stop climbing; and ZK's debut.
Peloton Interactive Inc (NASDAQ:PTON) is 7.9% higher to trade at $4.52, and options bulls are taking aim at the home fitness equipment maker. At last check, over 58,000 calls have changed hands, volume that's quadruple the average intraday amount. The May 5-, 6-, and 5.50-strike calls are the three most active contracts, with new positions are being bought to open at all three. The stock is rallying from an May 2 all-time low of $2.70, after it was reported that private equity firms are looking to potentially buyout Peloton. Over the last 12 months, PTON is down 39.5%.
GameStop Corp (NYSE:GME) stock is one of the best stocks on the New York Stock Exchange (NYSE) this morning, up 63.7% to trade at $49.84. Fresh off yesterday's 74.4% pop, GME opened at $64.70 today, its highest level since the summer of 2021. The original meme stock is riding tailwinds after Reddit-user "Roaring Kitty," posted for the first time in roughly three years. Year to date, GameStop stock is 182.8% higher.
Shares of Wall Street newcomer Zeekr Intelligent Technology Holding Ltd (NYSE:ZK) are 5.3% lower to trade at $27.51 this morning, after the Chinese electrical vehicle (EV) company made its NYSE debut. While the equity's debut was strong, it's hovering below yesterday's intraday high of $32.24.