More gains today have the S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) on track for their best weekly wins since November 2023. Both benchmarks earlier hit fresh peaks, the latter briefly clearing 44,000 for the first time ever, as investors continue to react positively to the Federal Reserve’s interest rate cut and Donald Trump’s presidential election victory. The Nasdaq Composite (IXIC) is eyeing its best week since September, but is trading below breakeven at midday and could snap a three-day win streak.In other news, the University of Michigan’s consumer sentiment index for November came in at a better-than-expected 73 — its highest level since April. Plus, Tesla (TSLA) topped the $1 trillion market cap for the first time, extending a post-election rally.
Options traders are blasting DraftKings Inc (Nasdaq: DKNG) today, after the sports betting company reported wider-than-expected losses for the third quarter to go with a revenue miss. So far today, 110,000 calls and 31,000 puts have been traded, which is seven times the volume typically seen at this point. Most popular is the weekly 11/8 40-strike call, where positions are being opened. DKNG is up 4.9% to trade at $40.89 at last glance, reversing earlier losses despite cutting its 2024 revenue outlook. Plus, BMO raised its price objective to $53 from $48. So far this year, shares have amassed a 15.6% lead and are trading at their highest level since September.Expedia Group Inc (Nasdaq: EXPE) stock is among the SPX’s leaders today, last seen up 7.2% to trade at a two-year high of $186.70. The travel company reported a third-quarter revenue miss, but also beat profit expectations and revealed its CFO Julie Whalen will step down. The security is on track for its sixth-straight pop and best single-day percentage win since Aug. 9. In the last 12 months, EXPE has added over 64%.
At the bottom of the SPX today is Akamai Technologies, Inc. (Nasdaq: AKAM) stock, down 11.7% at $92.16 at last check. The cloud company announced profits for the fiscal fourth quarter that were in line with estimates, beat revenue estimates, andrevealed it will cut roughly 250 jobs. Nevertheless, shares are eyeing their worst day since July 2017 and trading at their lowest level since early August. For 2024, AKAM is down 22.6%.More By This Author:Stocks Snag More Records; Fed Cuts Rates
Dow Gains More Than 1,500 Points After Trump Victory
Stocks Nab Post-Election Record Highs