All three indexes are on track for much-needed weekly wins
Major indexes are moving higher midday, with the Dow Jones Industrial Average (DJI) up nearly 200 points while the tech-heavy Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) cling to modest gains. Signs of a resilient job market and Fed rhetoric that still supported the possibility of two rate hikes in 2025 are lifting sentiment, with all three benchmarks headed toward weekly wins. Also supporting a solid economic outlook is better-than-expected existing home sales, which rose 4.2% between February and January, per the National Association of Realtors.
Continue reading for more on today's market, including:
- 10 ways to win March Madness and Wall Street.
- Analyst growing wary of Rivian Automotive stock.
- Plus, options pop on retail giant; two of the best and worst stocks today.
Retailer American Eagle Outfitters Inc (NYSE:AEO) is up 2.5% to trade at $12.21 this afternoon, seeing unusual options activity in the options pits, though the catalyst remains unclear. So far 35,000 puts have been exchanged today, 14 times the average daily pace. Most popular are the April 10 and 11 puts, where new positions are being bought to open. AEO is attempting to recover from its March 13, post-earnings drop of 4.1%, but remains close to its July 2023 bottom. Year-over-year, the stock has shed 50%.
Enjoying a spot near the top of the New York Stock Exchange (NYSE) today is Darden Restaurants Inc (NYSE:DRI), up 7.6% to trade at $202.49, the Olive Garden parent brushing off a fiscal third-quarter earnings miss. Darden saw a boost in sales due to a handful of new restaurant locations, including its Tex-Mex chain, Chuy's. Now up 8.5% in 2025, long-term support at the 80-day moving average has kept losses in check. Today's pop has the equity eying its best day since Dec. 19.
Logistics giant ZTO Express Inc (NYSE:ZTO) is one of the worst stocks on the NYSE today, gapping 6.8% lower to trade at $20.29, after suffering a downgrade to "neutral" from "overweight" at J.P. Morgan Securities. Today's bear note comes just after the shares surged to a post-earnings peak of $22.01 yesterday, and now has the equity on track for its worst daily drop since May 2023. ZTO is clinging to its year-to-date gain of 3%.