Stocks Climb As S&P 500, Nasdaq Eye 7-Straight

The Dow Jones Industrial Average (DJI) is finishing the week strong, up 93 points at last check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC), on the other hand, were last seen only marginally higher, but nonetheless headed for a seventh-straight win. To get there, the latter will have to battle tech headwinds, after a dismal first-quarter guidance from chip stalwart Intel (INTC). So far, investors have been unreactive to the core PCE price index -- the Federal Reserve's preferred measure of inflation --meeting expectations. 

Options bulls are loading up on crypto stock Marathon Digital Holdings Inc (Nasdaq: MARA), as Bitcoin (BTC) rises 3.8%. At last check, over 298,000 calls have changed hands, volume that's 1.8 times the average intraday amount and more than double the number of puts traded. The weekly 1/26 18-strike call is seeing new positions being bought to open, as is the 17.50-strike from the same series. MARA is 9.9% higher to trade at $17.88 at last check, so these call buyers are banking on sustained gains through the close today from crypto-adjacent stocks. Year-over-year, Marathon Digital stock is up 106%. 

Capital One Financial Corp. (NYSE: COF) is near the top of the New York Stock Exchange (NYSE) today, last seen up 4.7% to trade at $138.74. Although the credit card company reported fourth-quarter earnings that missed estimates, the loss did feature a special assessment from the Federal Deposit Insurance Corporation (FDIC) that lowered earnings per share (EPS) by 57 cents. Five brokerages have hiked their price targets while two offered price-target cuts. COF earlier hit a two-year high of $139.47 and is now 18% higher year-over-year.

Western Digital Corp (Nasdaq: WDC) stock is in the cellar today, last seen down 3.3% to trade at $58.37. The computer hardware firm reported a narrower-than-expected loss for the fiscal second quarter, while revenue and guidance for the fiscal third quarter fell short of estimates as well. Nonetheless, six brokerages have issued price-target hikes this morning, the highest coming from TD Cowen to $75 from $50. Despite today's drop, WDC is 11.5% higher in 2024 and hit a two-year high of $60.55 yesterday.

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