Stocks are roaring higher today, with Wall Street breathing a sigh of relief after dovish cues from Federal Reserve Chair Jerome Powell. In his remarks at the Jackson Hole symposium, Powell noted, "with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” CME's FedWatch tool now shows a 91% chance the central bank cuts rates for its September meeting.
All three major indexes catapulted higher in response, with the Dow Jones Industrial Average (DJI) last seen up 938 points, earlier nabbing a record high. The S&P 500 Index (SPX) is poised to snap a five-day skid, while the Nasdaq Composite (IXIC) eyes its best day since May 27. For the week, should today's gains hold, the Dow and S&P 500 look to eke out wins while the Nasdaq sits firmly in the red.
Software giant Five9 Inc (Nasdaq: FIVN) is a favorite among options traders today. At last check, 11,000 puts have changed hands, volume that's 5 times the average intraday amount. Nearly all of this activity is centered around the September 22.50 put. The software stock is 6.1% to trade at $27.08 at last check, taking off with Bitcoin (BTC) once Powell's speech concluded.
Microchip Technology Inc (Nasdaq: MCHP) is 7.4% higher to trade at $70.38 today, moving higher alongside the broader tech sector rally. MCHP is now 22% higher in 2025, with the recent pullback finding support at its 100-day moving average.
Tobacco name Philip Morris International Inc. (NYSE: PM) is one of the only laggards on the New York Stock Exchange (NYSE) today, down 2.2% to trade at $170.70, though the catalyst remains unclear. PM yesterday traded right into its 60-day moving average yesterday, but the tobacco and Zyn stock remains 41.5% higher year to date.
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