The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both modestly lower midday, with the tech-heavy latter down 98 points. The Dow Jones Industrial Average (DJI) has pivoted into the red as well and seems headed for a weekly loss.
Despite the midday chop, the SPX and Nasdaq are pacing for their third straight weekly gains. Investors are unpacking July retail sales that fell 0.6% — badly missing the expected 0.1% increase -- and consumer confidence that also fell in July. Small caps are bucking the broad market trend, with the Russell 2000 Index (RUT) hitting a record high.
Brazili-based fintech Nu Holdings (NU) has attracted more the 16,000 calls today, 11 times the intraday average amount. Most popular are the weekly 8/14 115- and 124-strike calls, with positions being sold to open at both. NU is up 10% to trade at $15.34 today after the company's earnings beat, and is trading at its highest level since April. Year-to-date, the shares are still 8.2% lower.
Intuitive Machines Inc (LUNR) is one of the top performers on the Nasdaq today, last seen up nearly 10% at $19.29. The space technology name added 3.6% yesterday after reporting a record $1.8 billion backlog and reaffirmed full-year guidance. Today, Stifel (SF) upgraded LUNR to "buy" fro "hold" but trimmed its price target to $26 from $32. The shares are up 18.8% year-to-date and 113% in the last 52 weeks.
Duolingo Inc (DUOL) is one of the worst performers on the Nasdaq, last seen down 4.4% at $137.76, although the catalyst is unclear. The 60-day moving average is keeping losses in check, though the shares have dropped 23.8% year-to-date.
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