Stocks are mixed midday as bond yields rise
Stocks are trading quietly today, as investors look ahead to Nvidia earnings, which has become “one of the most important events on the macro calendar,” according to Deutsche Bank. The Dow Jones Industrial Average (DJI) is modestly lower midday, while the S&P 500 Index (SPX) sits flat. And while the Nasdaq Composite Index (IXIC) is just barely higher, it managed to mark fresh record highs.
Meanwhile, U.S. home sales fell in April, though inventory increased to the highest level since October 2021, and Treasury yields are on the rise ahead of the Federal Reserve's latest meeting minutes.
Continue reading for more on today's market, including:
- Target stock headed for worst day since 2022.
- Analysts wary of Lululemon's c-suite shakeup.
- Plus, options traders eye ENPH; WOOF soars after earnings; and TOL slips after mixed results.
Options traders are targeting alternative energy stock Enphase Energy Inc (NASDAQ:ENPH), after the company entered the solar market in Finland by introducing lQ8 Microinverters. So far today, 56,000 calls and 57,000 puts have crossed the tape, which is already 2.4 times the overall average daily options volume. The weekly 5/24 113-strike put is the most popular by far, with new positions opening there. At last look, ENPH was up 8.2% at $120.79.
Petco Health & Wellness Company Inc (NASDAQ:WOOF) stock is soaring after better-than-expected first-quarter results, up 31% at $3.21 at last glance. Extending last week's 50% rise, today's pop has the stock breaking into positive territory for 2024. However, the stock is now running into long-term pressure at the 200-day moving average.
Meanwhile, homebuilding stock Toll Brothers Inc (NYSE:TOL) is down 7.2% at $120.90, despite better-than-expected fiscal second-quarter revenue and upbeat guidance, after earnings missed estimates. Since the start of the year, the equity is up 18%.