Stocks are higher at midday after Chairman Kevin Warsh reassured investors about inflation concerns in his debut address. All three major indexes are on track to finish the last week of August higher, while the Dow could be on its way to its first winning week in three. The Dow Jones Industrial Average (DJI) jumped 229 points, while the Nasdaq Composite Index (IXIC) reversed earlier losses to trade up triple digits, while the S&P 500 Index (SPX) sits modestly higher as well.
Gap Inc (GAP) stock is up 13.7% to trade at $23.66 after the company surpassed expectations for second-quarter earnings and raised its full-year outlook. It's also seeing buzz after naming retail stalwart Michael Francis as Old Navy's new CEO. Subsequently, over 56,000 calls changed hands, which is 16 times the stock's average daily volume. The weekly 8/28 22-strike call has seen the most attention, while the September 22 call is popular as well.
One of the best performers on the Nasdaq, AppLovin Corp (APP),was last seen up 5.6% to trade at $329.98, as buyers rotate into the shares after reports of a new stake was made in the stock after its journey to mid- to late-August lows. The equity has been coasting along support at the $300 floor in the last month while shares have shed 50% in 2026.
CrowdStrike Holdings (CRWD) stock is sinking, last seen down 5.8% to trade at $214.40 as traders engaged in profit-taking after Thursday's dramatic post-earnings rally. The stock is slipping from its all-time high of $229.08, but remains up 82% for 2026. A slew of analyst updates have come in response as well.
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