Dow Up Triple Digits, Headed For Much-Needed Win

Stocks are firmly higher this afternoon, despite Foot Locker (FL) dragging the athletic segment of the retail sector with its dismal forecast. The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are up triple digits, with the former headed for its first triple-digit win since Aug. 11. Meanwhile, new home sales came in at a higher-than-expected 714,000 in July, and oil prices hit their lowest level in nearly a month. 

MMC Aug23

Options traders are targeting Abercrombie & Fitch (NYSE: ANF) as the stock soars following the retailer's strong second-quarter results and sales forecast. So far, 13,000 calls and 16,000 puts have been exchanged, which is already 17 times the average daily options volume. The weekly 8/25 49-strike put is the most active contract, with positions being opened there. At last check, ANF was up 24% at $51.02, and earlier hit a 10-year high of $51.90. 

ANF Aug23

Iteos Therapeutics Inc (Nasdaq: ITOSis at the top of the Nasdaq today, up 34.4% at $15.79 at last glance, earlier as high as $17.93. The stock is one of many anti-TIGIT and cancer drugmakers soaring, after Roche's (ROG) positive data from an immunotherapy study for lung cancer patients. Bouncing off last session's record low of $11.34, ITOS is down roughly 19% year-to-date. 

As previously mentioned, Foot Locker Inc (NYSE: FL) is down 33.4% at $15.45 at last glance, and dragging its sector peers. The retailer reported a second-quarter sales miss, slashed its annual forecast, and announced a dividend pause. Now trading at its lowest levels in 13 years, FL is down 59.1% in 2023. 

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