The Dow was last seen trading slightly above breakeven
The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (IXIC) are modestly higher ahead of the Federal Reserve's meeting minutes for July, due out this afternoon. Wall Street is eager for clues regarding the future of interest rates and awaits Fed Chairman Jerome Powell's commentary at the Jackson Hole Economic Symposium on Friday. In the meantime, investors are unpacking a fresh batch of retail earnings.
Continue reading for more on today's market, including:
- Why options bulls are rushing to Target stock.
- JD.com stock slides after Walmart sells stake.
- Plus, CPRI calls pop; Albermarle stock could extend win streak; and credit card stock cools off.
Options bulls are targeting Capri Holdings Ltd (NYSE:CPRI), with 31,000 calls traded so far today -- 21 times the intraday average volume -- compared to just 4,189 puts. The most popular contract is the January 2025 50-strike call. CPRI was last seen up 6.6% at $35.18, after Tapestry (TPR) filed its defense against the Federal Trade Commission's (FTC) lawsuit to block its $8.5 billion sale. Shares earlier surged to their highest level since July and are eyeing their first close above the 80-day moving average since January, though overhead pressure remains at the $36 level.
Albemarle Corporation (NYSE:ALB) is one of the best stocks on the SPX today, up 4.4% to trade at $87.92 at last check. Shares are bouncing back from an Aug. 14, four-year low of $71.97, and are on track for their fifth-straight daily win, though the 40-day moving average is still capping today's gains. In the last 12 months,
Albermarle stock fell 39.1%.
American Express Company (NYSE:AXP) stock is near the bottom of the SPX, last seen down 3.1% to trade at $245.05. BofA Global Research downgraded the shares to "neutral" from "buy" earlier, despite yesterday's attempt to conquer a July 31, all-time peak of $256.24.
American Express stock sports a 30.8% lead for 2024, however.