Tech earnings are giving the market a boost today
Strong tech earnings are lifting the market today, with the Dow Jones Industrial Average (DJI) up 235 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) notch fresh record highs. Investors are also unpacking a cooler-than-expected ADP employment report that saw private payrolls grow by 146,000 last month. Wall Street is also awaiting comments from Fed Chair Jerome Powell, due out later today.
Continue reading for more on today's market, including:
- Marvell Technology stock hits record highs after earnings.
- Eli Lilly's weight-loss drug reportedly rivals Wegovy.
- Plus, 3 stocks moving after their third-quarter reports.
Options traders are targeting Salesforce Inc (NYSE:CRM), as the stock surges to record highs on its third-quarter revenue beat and upbeat artificial intelligence (AI) outlook. So far, 114,000 calls and 63,000 puts have been exchanged, which is 6 times the average daily options volume. The weekly 12/6 370-strike call is the most popular, where new positions are being opened. At last look, CRM was up 9.2% at $362.05.
Pure Storage Inc (NYSE:PSTG) is up 23.3% at $65.99 at last glance, after the company announced better-than-expected third-quarter results and raised its fourth-quarter forecast. Climbing back toward its June record highs, the stock is up 87.6% year to date and enjoying a slew of analyst praise in response.
Shares of Box Inc (NYSE:BOX) are down 7.3% at $31.91 and on track for their worst daily drop since December 2023, after the company slashed its full-year outlook. This overshadowed upbeat third-quarter results, as well as a handful of price-target hikes. Support at the $32 level, which has been in place since August, appears to be keeping losses in check, however. Since the start of 2024, the equity is up 24.5%.