Stocks are on the move midday, as Wall Street weighs an upbeat second-quarter gross domestic product (GDP) reading with the recent tech sector selloff. The Dow Jones Industrial Average (DJI) is up triple digits at last check, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have both pared early morning losses and were last seen clearing breakeven.Despite the broad market choppiness, weekly jobless claims fell to 235,000 and the GDP report is increasing the chances of a ‘soft landing’ for the U.S. economy. In response, speculation is growing about a possible interest rate cut next week at the Federal Reserve’s two-day meeting. 
Oracle Corp (NYSE: ORCL) is seeing an influx in put options today. At last check, over 8,500 puts have changed hands, volume that’s double the average intraday amount and nearly triple the number of calls traded. The October 125-strike put is the most popular, with new positions being bought to open. The December 130 put is also popular. Oracle this morning announced a deal with Italian data center Rai Way, but is flat on the news, trading at $138.66. The software stock has staged a bounce off its 200-day trendline and is 31% higher in 2024.
Near the top of the SPX today is ServiceNow Inc. (NYSE: NOW) stock, up 11.5% to trade at $815.31 and earlier hitting a record high of $827.99. The software company’s second-quarter earnings and revenue exceeded expectations and in response, 14 brokerages hiked their price targets, the highest coming from Bernstein to $906 from $846. The shares are on track for their best single-session pop since October 2022, and are now up 41.8% year-over-year. Edwards Lifesciences Corp. (NYSE: EW) stock is at the bottom of the SPX today, last seen down 25% to trade at $65.26, on track for its worst single-session decline on record. The medical devices company whiffed on its second-quarter revenue, and also reduced full-year sales guidance for its transcatheter aortic valve replacements. No fewer than 14 price-target cuts have ensued, along with a downgrade to “neutral” from “overweight” at J.P. Morgan Securities. More By This Author:Tech Selloff Sends Nasdaq, S&P 500 To Worst Day Of 2024
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