The Dow and Nasdaq boast triple-digit midday leads
Wall Street is looking to rebound after yesterday's tech-induced selloff carried into pre-market trading. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both up triple digits, while the S&P 500 Index (SPX) is sporting solid midday gains.
Investors are currently eyeing the Federal Reserve's two-day policy meeting, with the CME FedWatch tool pointing to high odds of unchanged interest rates at its conclusion tomorrow. Meanwhile, durable goods orders tumbled for the fourth time in five months in December, raising concerns about economic momentum.
Continue reading for more on today's market, including:
- Boeing reveals recovery plan after multiple mishaps.
- 2 travel stocks making post-earnings swings.
- Plus, GM's options pits buzzing; RDDT's bull note; and SYF's post-earnings plunge.
General Motors Co (NYSE:GM) stock is 9.8% lower at $49.56 at last check, and seeing tons of options activity. Already, 45,000 calls and 26,000 puts have been traded, which is four times the average intraday volume. New positions are now being sold to open at the most active weekly 1/31 53-strike call. GM is pulling back despite a better-than-expected fourth-quarter report, while the company's full-year guidance also surpassed estimates. Pacing for its worst daily percentage loss since March 2020, General Motors stock is now down 6.2% on a year-to-date basis.
Reddit Inc (NYSE:RDDT) is one of the top stocks on the New York Stock Exchange (NYSE) today, last seen 5.8% higher at $191.30. Shares of the social media giant are getting a lift from a bull note at JMP Securities, who hiked its price target to $190 from $160 and maintained its "outperform" rating, with the analyst in question citing artificial intelligence (AI) initiatives, advertising strength, and data licensing deals. Year to date, RDDT is already up 16.7%.
Meanwhile, Synchrony Financial (NYSE:SYF) is near the bottom of the NYSE this afternoon, last seen 6.9% lower at $65.07. Weighing on the consumer financial services stock is the firm's fourth-quarter earnings, which missed estimates by 2 cents. The equity is still up 66.4% over the last 12 months.