Wall Street Attempts To Resume Record-Setting Rally

Stocks are slightly higher by midday Tuesday, as Wall Street attempts to resume its record-setting rally. For the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX), this run higher was cut short by back-to-back losses, though both benchmarks are notably higher this afternoon, while the Nasdaq Composite (IXIC) is on track for its sixth win in seven sessions.

March's consumer confidence index was released today and showed that optimism in the U.S. economy waned slightly. The reading came out at 104.7, which was slightly lower than the 107 consensus estimate. Elsewhere, durable goods orders rose more than economists expected.

Midday Market Stats March 262024

Mizuho reiterated its "buy" rating and increased its price target on Micron Technology Inc (Nasdaq: MU) to $130 from $124. The analyst said the chipmaker's artificial intelligence (AI) opportunities could result in stronger-than-expected sales in late 2024 into 2025. In response, total options volume is running at double the average intraday amount, with 236,000 calls and 79,000 puts exchanged so far. New positions are opening at the top nine most popular contracts, led by the weekly 3/28 120-strike call. MU was last seen 1.8% higher at $119.22, and earlier hit a record high of $122.46. Pacing for its eighth-straight daily win, Micron Technology stock is 100.6% higher over the last 12 months.

MU Chart March 262024

Wall Street newcomer Reddit Inc (NYSE: RDDTis one of the best-performing stocks on the New York Stock Exchange (NYSE) this afternoon, last seen 14.7% higher at $68.60. The shares earlier rose to a new record high of $74.90, and have gained over 42%% since going public on March 21.

Shares of coal producer Consol Energy Inc (NYSE: CEIX) are among the worst on the NYSE today, after the Maryland transportation authorities suspended traffic at the Port of Baltimore following the collapse of the Francis Scott Key Bridge. Last seen 9% lower at $78.60, CEIX now sports a 21.7% year-to-date deficit.

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