Stocks Propped Up By Resurgent Retail Sales
For the first time in nearly a month, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are in the black on a Monday. The blue-chip index is up 129 points at last check, set to snap a five-day losing streak thanks to a post-earnings pop from Goldman Sachs (GS).
The Nasdaq Composite (IXIC) has drifted lower, paring a triple-digit gain of its own as investors weigh upbeat retail sales data with geopolitical tensions. Oil prices are in the red on Wall Street too, with May-dated crude futures last seen down 1.7% at $84.22 per barrel.
Options bears are eyeing Children's Place Inc (Nasdaq: PLCE), ahead of the specialty retailer's earnings report due out before the open tomorrow. At last check, 14,000 puts have changed hands already today, volume that's 11 times the average intraday amount. The weekly 5/10 4-strike put is the most popular, as is the April 8 put in the standard series, with both positions being bought to open. PLCE is down 67% in 2024 and was last seen trading at $7.56.
Another bank stock is stealing Goldman Sach's thunder today. Charles Schwab Corp (NYSE: SCHW) reported first-quarter earnings and revenue that eked out estimates, despite both figures declining sharply year-over-year. At last check, SCHW was up 3.4% to trade at $72.42, and earlier hit an annual high of $73.65. The shares are now 42.3% higher year-over-year.
Salesforce Inc (NYSE: CRM) is one of the worst stocks on the New York Stock Exchange (NYSE) today, last seen down 5.3% to trade at $278.78. The Wall Street Journal reported the software company was exploring the purchase of Informatica in a $11.35 billion deal. Reuters corroborated the story and noted that the deal could be announced soon. CRM is up 5.8%, and is testing its 100-day moving average today.
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