Stocks Push Higher As S&P 500 Nabs New Record
Stocks are pushing higher midday, as investors lock into earnings season. After opening in the red, the Dow Jones Industrial Average (DJI) is comfortably in positive territory at last check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, the former nabbing an intraday record high and the latter making a run at July record highs. Wall Street's "fear gauge," the Cboe Volatility Index (VIX) continues to retreat, heading for its fourth loss in the last five trading days.
MARA Holdings, Inc (Nasdaq: MARA) is getting blitzed by options bulls today. At last check, over 247,000 calls have already changed hands today, volume that's triple the average intraday amount and five times the number of puts traded. The October 18 call is the most popular, while there are new positions being bought to open at the 18.50-strike call in the same series. The cryptocurrency stock is up 7.2% to trade at $17.25 today, as Bitcoin (BTC) rises to two-week highs.
Vistra Corp (NYSE: VST) is near the top of the SPX today, last seen up 4.3% to trade at $130.80, after BNP Paribas initiated coverage on the utility stock with an "outperform" rating and lofty $230 price target. VST is up 240% in 2024, and hit a record high of $143.86 on Oct. 7.
Deere & Co (NYSE: DE) stock is down 2.7% to trade at $399.99 today, likely dinged by the downgrade to sector peer Caterpillar (CAT). DE is battling $400 today, as well as its year-to-date breakeven level and its 30-day moving average.
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