All three major indexes are lower midday
The Dow Jones Industrial Average (DJI) is looking to extend yesterday's sharp losses, down 386 points midday. Salesforce stock's post-earnings slide is weighing on the blue-chip index, with the cloud name down 20.6% at last glance. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly lower as well, though the latter is still headed for its strongest month since November.
Continue reading for more on today's market, including:
- Kohl's stock heading for largest single-day percentage drop ever.
- Mizuho praises PayPal's Fastlane option.
- Plus, options traders eye AI's surge; FL heads for best day since 2017; and CRM drags NOW.
Options traders are targeting C3.ai Inc (NYSE:AI), as the artificial intelligence (AI) stock surges following a fiscal fourth-quarter revenue beat and subsequent bull notes. Northland Capital upgraded the stock to "outperform" from "market perform," while a handful of other analysts lifted their price targets. So far, 89,000 calls and 38,000 puts have been exchanged, which is already 2.5 times the average daily options volume. The weekly 5/31 27-strike call is the most popular, where new positions are opening. At last look, AI was up 13% at $27.03.
Foot Locker Inc (NYSE:FL) stockis up 27.4% at $28.61 at last glance, after the retailer's strong first-quarter report. Headed for its best day since Nov. 2017, FL is soaring above its 80-day moving average, which kept a cap on gains in late March. Since the start of the year, the equity is still down 8.4%.
Meanwhile, cloud stock ServiceNow Inc (NYSE:NOW) is down 10% at $658.35 at last look, weighed down by Salesforce stock's post-earnings plummet. Trading at its lowest levels since November, NOW is down 6.8% year to date.