Wall Street is speculating on the timing of interest rate cuts
The Dow Jones Industrial Average (DJI) is on the rise midday after earlier marking a fresh record high. Both the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are lower, however, with the former down triple digits as investors rotate out of the tech sector and speculate on the timing of interest rate cuts. Elsewhere, the Cboe Volatility Index (VIX) is on track for its fourth gain in the last five sessions.
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Options bulls are blasting Toast Inc (NYSE:TOST) stock, with 37,000 calls traded so far today, which is 23 times the volume typically seen at this point. The most active contract by far is the weekly 8/30 25-strike call, where new positions are being opened. TOST is up 3.1% to trade at $24.40, but resistance at the 40-day moving average remains firmly in place after it rejected a rally earlier this month. The cloud stock still boasts a 34.1% year-to-date lead, and is up 15.4% in the last 12 months.
Petroleo Brasileiro ADR (NYSE:PBR) is one of the best performers on the New York Stock Exchange (NYSE) today, last seen up 5.9% at $15.26. Morgan Stanley upgraded the security to "overweight" from "equal weight" earlier, and raised its price objective to $20 from $18. The shares are attempting to conquer the $15.30 region, which rejected multiple rallies since June. Despite marking its best single-day percentage gain since October 2022 on Friday, PBR is down 4.4% this year.
Meanwhile,
e.l.f. Beauty Inc (NYSE:ELF) is near the bottom of the NYSE, down 8.2% at $156.99 at last glance. Though the
beauty company beat second-quarter earnings and revenue estimates, its lackluster guidance is the driver behind today's losses. ELF had been bouncing off its lowest level since January, but this rally fell short of the $175 level. So far this quarter, the stock has shed 25.4%.