The Dow is up triple digits this afternoon as it tries to fill yesterday's gap lower
Wall Street sports solid midday gains Thursday, as investors continue to parse economic data that dropped before the opening bell. The Dow Jones Industrial Average's (DJI) is up triple digits, while the S&P 500 Index (SPX) marked its second all-time high of the week.
The Nasdaq Composite (IXIC) is jumping to its highest level since mid-July, as tech stocks gain after chip giant Micron Technology's (MU) strong earnings report. Elsewhere, oil prices are slumping, with November-dated crude futures last seen nearly 2% lower.
Continue reading for more on today's market, including:
- Airline stock soaring towards best day since 2020.
- Chip stocks react to Micron earnings.
- Plus, META at new highs; Jabil earnings; and the struggling energy sector.
Facebook-parent Meta Platforms Inc (NASDAQ:META) announced two product updates: the Quest 3S, a new entry-level virtual reality (VR) headset, and Orion, a prototype of fully augmented reality (AR) smart glasses. In response, several analysts lifted their price targets on META, including Bank of America who cited "renewed optimism" in the firm's personal computing devices and new artificial intelligence (AI) abilities.
Options traders are excited too, with 99,000 calls and 76,000 puts traded so far -- double the average intraday volume -- with new positions opening at the most popular weekly 9/27 570-strike put. After earlier touching a new all-time high of $577.40, Meta stock was last seen down 0.3% to trade at $566.68, but is still up 91.2% over the last year.
Shares of Jabil Inc (NYSE:JBL) are 13.3% higher to trade at $128.47, standing near the top of the SPX. The electronics contract manufacturing firm reported fiscal fourth-quarter earnings per share and revenue that beat Wall Street's estimates, while its fiscal 2024 revenue guidance was in line with expectations. Rebounding from more than 15-month lows, today's bounce has JBL clearing its year-to-date breakeven mark and now 21.4% higher over the last 12 months.
Shares of
U.S. energy firms are falling alongside crude prices today, following a report that Saudi Arabia plans to give up its unofficial price target of $100 a barrel ahead of the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) increase in output. In response,
Diamondback Energy Inc (NASDAQ:FANG) is sitting at the bottom of SPX, last seen 4.7% lower to trade at $172.13. While up 11.1% on the year, FANG is now down 13.9 for the quarter, and is pacing for its fourth weekly drop in five.