Extending this morning’s gains, stocks are attempting another rally today, as yesterday’s was cut short before the close. The Dow Jones Industrial Average (DJI) is up 521 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) boast solid leads of their own. Cooler-than-expected jobs data is boosting optimism, easing concerns about a robust labor market and sending the 10-year Treasury yield to 3.99%.
Zillow Group Inc (Nasdaq: Z) stock is seeing a particularly large amount of options activity today, with 20,000 calls and 16,000 puts across the tape so far, seven times the intraday average. The most active contract is the weekly 8/9 53-strike call, with positions being opened there. Z is up 17.4% to trade at $49.02 at last glance, after the real estate company reported better-than-expected second-quarter results and named a new CEO. The 20-day moving average is still capping Z, but the shares sport a 33.4% nine-month lead.Software name Klaviyo Inc (NYSE: KVYO) is up 28% to trade at $29.54 at last check, leading the New York Stock Exchange (NYSE). In addition to announcing better-than-expected revenue for the second quarter, the company also raised its full-year outlook. The stock attracted five price-target hikes in response, and Mizuho upgraded it from “sector weight” to “overweight.” KYVO earlier hit its highest level since February, and moved back above the 20-day moving average.
Lumen Technologies Inc (NYSE: LUMN) is near the bottom of the NYSE, last seen down 21.7% at $5.22. The security is cooling from a post-earnings rally, with second-quarter profits and revenue beating estimates. The results prompted an upgrade from J.P. Morgan Securities to “neutral” from “underweight,” as well as a handful of price-target hikes. Shares are on track for their biggest single-day percentage drop since November 2023, but notched a 52-week high of $7.83 in the previous session.More By This Author:Wall Street Resumes Losses Across The Board
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