Dow, Nasdaq Up Triple Digits Midday
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both sporting hefty triple-digit leads this afternoon -- the former on track for a fourth-straight win -- while the S&P 500 Index (SPX) is comfortably higher as well.
Wall Street has plenty of earnings reports and economic data to unpack, with home sales rising more than expected for March and median sales prices at their highest level since August. The manufacturing and services purchasing managers' indexes (PMI) for April fell, the former hitting a four-month low and both hinting at slower economic growth.
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Options traders are blasting JetBlue Airways Corporation (Nasdaq: JBLU) stock, with 24,000 calls and 27,000 puts traded so far, which is seven times the volume usually seen at this point, with the weekly 4/26 6-strike put the most active contract. At last glance, JBLU was down 17.2% to trade at $6.22, brushing off smaller-than-expected first-quarter losses and a revenue win after the airline cut its annual revenue outlook. JBLU earlier slipped to its lowest level since February but still sports a 14.7% year-to-date lead.
Spotify Technology SA(NYSE: SPOT) stock is among the New York Stock Exchange's (NYSE) leaders today, up 15.3% to trade at $312.50 and earlier hitting a two-year high of $313.78 at last check. The music streaming giant reported record profits and beat revenue estimates for the first quarter, with a 14% rise in premium subscribers. Shares are bouncing off a pullback to the 40-day moving average, and boast a 139.5% year-over-year lead.
MSCI Inc (NYSE: MSCI) stock is at the bottom of the NYSE, last seen down 11.7% to trade to at $455. While the finance company's first-quarter earnings beat expectations, revenue fell short of estimates due to subscription cancellations and contracting margins. The equity earlier hit a 52-week low, and is on track for its biggest single-day percentage loss since April 2023. MSCI is also down 20% this year.
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