The Dow is on track for a sixth-straight daily win
The Dow Jones Industrial Average (DJIA) is up triple digits today, extending last session's record highs and massive 742-point pop as it heads for a sixth-straight daily win -- its best streak since early May. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC), on the other hand, are firmly lower, the latter down 446 points as investors rotate out of tech. Meanwhile, housing starts rose a higher-than-expected 3% in June, and oil prices are on the rise after a third-straight weekly drop in U.S. crude inventories.
Continue reading for more on today's market, including:
- 2 chip stocks falling on China restrictions.
- The Supreme brand will see new ownership this year.
- Plus, options traders target falling SCHW; BE jumps on partnership; and FIVE hits four-year lows.
Options traders are targeting Charles Schwab Corp (NYSE:SCHW) today, with 70,000 calls and 54,000 puts exchanged so far -- 4.5 times the average daily options volume already. The July 65 put is the most popular, followed by the weekly 7/26 69-strike call, with new positions opening at the latter. SCHW is down 5.2% at $63.93 at last glance, extending yesterday's post-earnings drop after a downgrade from TD Cowen to "hold" from "buy." Year to date, the savings and loans company is off 7.1%.
Bloom Energy Corp (NYSE:BE) stock is up 9.2% at $16.47 at last glance, after news that the company is partnering with Nvidia (NVDA)-backed CoreWeave on its artificial intelligence (AI) data center. On track for its sixth-straight daily win and trading at its highest levels since late May, the equity is up 12.4% year to date.
Five Below Inc (NASDAQ:FIVE) stock is down 19.5% at $82.12 and trading at four-year lows, after the company announced a downbeat second-quarter forecast and the departure of CEO Joel Anderson. A wave of downgrades followed, and FIVE is on the short sell restricted (SSR) list amid the volatility. Since the start of the year, the security is off 61.3%.