Despite struggling for direction today, all three major indexes are on track for weekly wins
Stocks are out of their morning rut, but trading is still choppy to end the week. Nonfarm payrolls pointed to a robust job market, spiking the 10-year Treasury yield to 4.4% and reinforcing the Fed's "higher for longer" interest rate policy.
The Dow Jones Industrial Average (DJI) is only cautiously higher, having pared triple-digit gains at their session highs. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are drifting between negative and positive territory, though all three indexes are on track for healthy weekly wins.
Continue reading for more on today's market, including:
- All eyes are on GameStop stock once more.
- Lyft in it for the long haul.
- Plus, WBA bulls call a bottom; drug giant at record highs; and copper stock cools off.
Walgreens Boots Alliance Inc (NASDAQ:WBA) is seeing an uptick in options activity today. At last check, 18,000 calls have exchanged hands, volume that is 1.2 times the average intraday amount and nearly four times the number of puts traded. The weekly 7/12 16-strike call is the most popular, with new positions being bought to open. WBA is flat today, trading at $15.89 despite a price-target cut to $17 from $22 at Leerink. The shares are down 39.2% in 2024 and on May 29 hit a record low of $14.62.
Eli Lilly And Co (NYSE:LLY) is near the top of the New York Stock Exchange (NYSE) today, last seen up 1.4% to trade at $848.87. The drugmaker earlier hit a record high of $856.81 thanks to a price-target hike to $957 from $925 at Jefferies. LLY is up 45.8% in 2024, with its ascending 80-day moving average containing pullbacks along the way.
Copper miner Freeport-McMoRan Inc (NYSE:FCX) is down 4% to trade at $49.22, as safe-haven assets fall with rate cut hopes. FCX hit a May 20 three-year high of $55.23, but has since suffered a more than 10% drawdown. Year-to-date, shares are still up 15.9%.