Fed Chairman Jerome Powell's comments are boosting optimism
The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are both sporting strong triple-digit midday leads, while the S&P 500 Index (SPX) sits higher as well. Fed Chairman Jerome Powell's speech at the Jackson Hole Economic Symposium is giving the market a boost, after he noted interest rate cuts were on the horizon. In his own words, "the time has come for policy to adjust.” For the week, all three major indexes are headed for wins.
Continue reading for more on today's market, including:
- Roku stock eyes best day of 2024.
- Rare downgrade dings casino stock.
- Plus, CAVA hits record high; Warner Bros stock bounces; and Intuit stock's post-earnings plummet.
CAVA Group Inc (NYSE:CAVA) yesterday announced better-than-expected earnings and revenue for the second quarter, and raised its core profit forecast. Options traders are responding today, with 53,000 calls and 35,000 puts exchanged so far, which is 17 times the volume typically seen at this point. Expiring today, the most active contract is the weekly 8/23 115-strike call, with new positions opening there. CAVA is up 18.7% to trade at $121.03 at last check after several bull notes, and earlier hit a record high of $119.95 as it paces for its best single-day percentage gain since December.
Warner Bros Discovery Inc (NASDAQ:WBD) is one of the best stocks on the SPX today. Shares are up 5.6% to trade at $7.92 at last check, and looking to close back above the 80-day moving average as they bounce off their Aug. 13, 15-year low of $6.64. WBD is down over 30% so far this year.
Intuit Inc (NASDAQ:INTU) is at the bottom of the SPX, last seen down 7.4% to trade at $615.95, brushing off a fiscal fourth-quarter earnings and revenue win after the software due to its fiscal first-quarter revenue forecast. The security is on track for its worst day since May, but still carries a 23.7% year-over-year lead.