Dow Adds Triple Digits As Wall Street Looks To Jackson Hole

Stocks are expanding on their morning gains this afternoon, with the Dow Jones Industrial Average (DJI) last seen up 143 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both sit comfortably in the black as well. A smaller-than-expected decline in gross domestic product data (GDP) and a small drop in jobless claims is keeping the wind at Wall Street's back, as investors look ahead to Federal Reserve Chairman Jerome Powell's speech at the two-day Jackson Hole symposium, scheduled for Friday. 

Pinterest Inc (NYSE: PINS) is seeing a surge in bullish options activity today, with 22,000 calls across the tape, which is double the intraday average. The most popular position is the weekly 8/26 21.50-strike call, followed by the 23-strike call in the same series. Positions are being opened at both contracts. PINS is up 7.8% at $22.66 at last check, though the catalyst for this positive price action is unclear. The stock just staged a bounce off its 40-day moving average, though today's rally is losing steam near the 160-day trendline. 

Shoe Carnival, Inc. (Nasdaq: SCVL) is one of the top performers on the Nasdaq today, last seen up 17% at $26.65 after the company posted strong operating margins for the second quarter and upbeat full-year guidance. The company also beat earnings estimates by $0.02 with profits of $1.04 per share. SCVL is set for its first close atop the 100-day moving average since mid-January, though it's still sitting at a 31.9% year-to-date deficit. 

Peloton Interactive Inc (Nasdaq: PTON), on the other hand, is one of the biggest losers on the Nasdaq today, erasing almost all of yesterday's 20.4% pop, after the company's fiscal fourth-quarter losses of $2.68 per share came in wider than expected, while revenue also missed analysts' estimates. Peloton also shared a current-quarter revenue forecast that fell well below the mark. PTON is now sitting back below the 80-day moving average after yesterday's brief pop above there. The stock has now shed over 90% in the past 12 months. 

More By This Author: