Stocks Modestly Higher with Nvidia Earnings in Focus

Stocks have reversed their premarket losses, with the Dow Jones Industrial Average (DJI) up 61 points midday. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are sitting just above breakeven, following the latter's record highs yesterday. Investors are looking ahead to earnings from semiconductor giant Nvidia (NVDA), due out after the close today.

Wall Street is also musing over the central bank's interest rate timeline, with Fed Governor Christopher Waller saying he needs "to see several more months of good inflation data" before cutting rates.

Continue reading for more on today's market, including:

• Macy's stock jumps on beat-and-raise. 
• Toast stock cools off after Baird's bear note. 
• Plus, options traders target LOWS; and 2 beauty and wellness stocks moving opposite directions. 

Options traders are targeting Lowe's Companies Inc (NYSE:LOW) after the home improvement company's strong first-quarter earnings results. So far, 13,000 calls and 16,000 puts have been exchanged, which is already 3.3 times the average daily options volume. The weekly 5/24 220-strike put is the most active contract, followed by the June 217.50 put, with new positions opening at the latter. LOW pulled back from its initial premarket gains, down 3% at $222.36 at last glance. This negative price action has Lowe's stock slipping into negative territory for 2024. 

Waldencast PLC (NASDAQ:WALD) is inching its way out of penny stock territory today, up 15.3% at $5.01 at last glance after earnings. The company's beauty and wellness platform had a strong start to the year, and the stock is moving away from its recent May 17 record low of $4.19 in response. Still, WALD is down 53.6% in 2024. 

On the other hand, beauty and wellness peer Oddity Tech Ltd (NASDAQ:ODD) is down 13% at $35.65 at last look, after Ningi Research stated it was short on the Israel-based stock. On the short sell restricted (SSR) list today, ODD is on track for its largest daily percentage drop ever. Since the start of the year, the equity is down 22.9%.