Dow Cruising Toward Best Day In Months

The Dow Jones Industrial Average (DJI) is on track for a seventh-straight triple-digit move -- this time to the upside -- as Fed fatigue starts to fade on Wall Street. The blue-chip index was last seen up over 400 points, barreling toward its biggest single-session gain since Jan. 6. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are also confidently higher, as investors weigh the latest jobless claims with an improving bank sector backdrop. 

MMC Stats March 23

Futu Holdings Ltd (Nasdaq: FUTUis getting blitzed by options traders today, with over 6,700 puts changing hands, volume that's seven times the average intraday volume. There's notable activity occurring at the April 50 put. So far, the fintech name is up 22% in 2023.

Snap Inc (NYSE: SNAPis up 7.8% to trade at $11.92 at last check. Though the specific catalyst is unclear, the social media staple did unveil a new enterprise solution to improve and scale Snap's augmented reality features. SNAP is up 33% in 2023. 

On the other end of the spectrum is Block Inc (NYSE: SQ), last seen down 10.4% to trade at $64.57. This morning, notorious short seller Hindenburg Research published a new position on SQ, noting the payments platform has "wildly overstated its genuine user counts and has understated its customer acquisition costs." SQ is trading at its lowest level since Jan. 5, but is holdings its year-to-date breakeven level. 

(Click on image to enlarge)

MMC Stock Chart SQ

More By This Author:

Stocks Drift Lower Despite Softening Fed
Stocks Mixed Ahead Of Fed Meeting Conclusion
Stocks Extend Rally Ahead Of Interest Rate Decision

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.