This morning's slightly hotter-than-expected PPI data is in focus
The Dow Jones Industrial Average (DJI) is up 313 points midday, just barely below record highs, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) resume their rally after yesterday's breather. Investors are unpacking earnings reports from several bank giants today, as well as this morning's PPI data, which showed wholesale prices rising slightly higher than expected in June.
Continue reading for more on today's market, including:
- Options traders target JP Morgan Chase after earnings.
- Fastenal stock headed for best day since January.
- Plus, LCID's rise attracts options traders; ACHR jumps on electric taxi plans; and WFC falls as net interest income declines.
Electric vehicle (EV) stock Lucid Group Inc (NASDAQ:LCID) is seeing unusually high options volume amid soaring price action. So far, 227,000 calls and 69,000 puts have been exchanged, already 5.9 times the average daily options volume. Expiring today, the weekly 7/12 4-strike call is the most popular, with new positions being opened there. At last glance, LCID was up 20% at $4.08, on track for its third-straight daily win following its announcement of 70% delivery growth.
Archer Aviation Inc (NYSE:ACHR) is up 12.4% at $5.13 at last glance, after news of the company's plans to develop electric air taxis with Southwest Airlines (LUV). Shooting out of penny stock territory, ACHR is still down 16% year to date.
Bank giant Wells Fargo & Co (NYSE:WFC) is down 6.9% at $56.02 at last look, headed for its worst daily percentage loss since March 2023. Though the company reported better-than-expected second-quarter results, net interest income declined 9% year over year, coming in below expectations at $11.92 billion. Since the start of 2024, the equity is up 13.6%.
