S&P 500 just barely notches third consecutive all-time high in record day for call volumes
The S&P 500 just barely managed to pull off a three-peat, despite five of the Mag 7 stocks trading lower.
The S&P 500 just barely cinched a third consecutive all-time highest close on little data, as the jobs report is delayed due to the government shutdown. The Russell 2000 also rallied to a new all-time high, but tech dragged the Nasdaq 100 lower.
Call volumes for US equity and index options exceeded 52.4 million as of 4 p.m. ET, setting a new daily record.
Along with tech, the other sector ETFs to trade lower were consumer discretionary and communications.
Stocks that moved higher:
Auto stocks Ford, Honda, Toyota, General Motors, and Stellantis spiked on a report that President Trump is considering tariff relief for US auto production.
Plug Power rocketed higher after HC Wainwright analyst Amit Dayal boosted his price target on the green hydrogen company to $7 from $3, making him the most bullish analyst on Wall Street.
Shopify popped after Rothschild Redburn reiterated its “buy” rating and raised its price target to $200 from $180, tying the highest rating on Wall Street.
Apple ticked up despite a downgrade from Jefferies analysts, who argued that the positive sales momentum for the iPhone 17 has engendered “excessive expectations.”
Stocks that moved lower:
Roblox fell as traders upped bearish options market bets following an M Science report from analyst Corey Barrett that asserts that US bookings growth has “decelerated sharply” recently, slowing to the low 30% range down from the mid- to high 50% range in July.
GameStop traded lower after filing paperwork that lays the foundation for the video game and collectibles retailer to raise money “from time to time” through the sale of stock, debt, and related securities, which would allow for potential shareholder dilution.
Hims & Hers slipped after Novo Nordisk’s US head, David Moore, told Bloomberg that the company plans to sell its upcoming weight-loss pill through its current telehealth partners.
Applied Materials dipped after the semiconductor machinery maker said revenues could take a $600 million hit in the next fiscal year, on the back of widening chip export restrictions.
Though Tesla delivered a massive delivery beat yesterday, JPMorgan analyst Ryan Brinkman wants to remind investors to put that beat into context, noting that it’s “too soon to declare Tesla as having sustainably returned to growth in its core business.”
According to an internal memo cited by Reuters, the Army’s next-gen battlefield communications network built by Anduril Industries, Palantir, and others, has security problems and should be considered “very high risk,” though Palantir disputes these claims.
