December's CPI reading marked another cool inflation report
After a rocky start to the week, Wall Street is gaining momentum. Investors are reacting positively to December's consumer price index (CPI) reading, marking the second cooler-than-expected inflation report this week. Additionally, a series of better-than-expected earnings from U.S. banks has further lifted market sentiment.
In response, the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both up by triple digits at midday, with the latter on track to break a five-day losing streak. Meanwhile, the S&P 500 Index (SPX) is also trading comfortably in the green.
Continue reading for more on today's market, including:
- Microsoft signals the beginning of the Quantum Era.
- General Motor stock surges on multi-billion dollar deal.
- Plus, BlackRock's earnings; Compass' new outlook; and Radnet stock's bear note.
Options traders keeping tabs on BlackRock Inc (NYSE:BLK) after earnings. The world's largest asset manager, BlackRock chimed in with fourth-quarter earnings of $11.93 per share on revenue of $5.68 billion, the former figure far surpassing estimates of $11.27 per share. In response, BLK was last seen 3.4% higher at $996.11, extending its year-over-year lead to more than 25%. BlackRock stock is also working back toward its Dec. 11 all-time high of $1,082.45, but is facing pressure from its formerly supportive 30-day moving average. In the options pits, 3,670 calls and 1,550 puts have been exchanged, which is triple the usual intraday volume. New positions are opening at the most popular January 2025 1,025 call.
Shares of residential real estate brokerage concern Compass Inc (NYSE:COMP) are some of the best on the New York Stock Exchange (NYSE) today, last seen up 17.6% to trade at $6.56. Fueling today's surge is the company's new fourth-quarter and full-year outlook, which comes ahead of its investor conference. COMP is once again trading the $6 level that's been a sticky area since the beginning of the year. Longer term, Compass stock boasts a 107.8% year-over-year gain.
Radnet Inc (NASDAQ:RDNT) stock is 10% lower at $59.12 at last glance to underperform on the Nasdaq. Jefferies reduced its price target on RDNT to $80 from $100 following a recent meeting with the company's management, which provided insights into its current status and future outlook. Over the last month, Radnet stock has lost 21%.