Wall Street is attempting to pare some of its recent losses. The Dow Jones Industrial Average (DJIA) is off triple digits at midday, weighed down by a post-earnings bear gaps from IBM (IBM) and Honeywell (HON). However, the S&P 500 Index (SPX) is just below breakeven and the Nasdaq Composite (IXIC) is confidently higher, the tech-heavy latter propped up by a stellar post-earnings reaction from Tesla (TSLA). Beyond earnings, investors are unpacking new home sales rising by a larger-than-expected amount, and a purchase managers’ survey for October showing stronger growth in the services sector.
Rivian Automotive (NASDAQ: RIVN) is getting attention in the options pits today, with over 74,000 calls changing hands already, volume that’s double the average intraday amount and nearly quadruple the number of puts traded. The weekly 10/25 11-strike call is the most popular, as is the 10.50-strike in the same series. RIVN is up 4% to trade at $10.57, getting a halo lift from Tesla’s outstanding report that indicated electric vehicle (EV) volume growth in the next year. Year-to-date, the stock is up 55% in 2024. ServiceNow Inc (NYSE: NOW) stock is near the top of the SPX today, last seen up 6.5% to trade at $966.71, after the digital workflow company reported a third-quarter earnings and revenue beat. ServiceNow also forecast a fourth-quarter subscription revenue that is above estimates, prompting nine price-target hikes, the highest coming from Needham to $1,075 from $1,025. NOW earlier hit an all-time high of $972.82 out of the gate, and is now 37.1% higher in 2024. Newmont Corporation (NYSE: NEM) is in the SPX cellar today, down 8.4% to trade at $52.88. The gold miner whiffed on third-quarter earnings, which has overshadowed an authorized $2 billion share repurchase program. NEM hit a two-year high of $58.72 on Oct. 22, and is still up 27.8% year-to-date. Today’s pullback is testing support at its 50-day moving average. 
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