SPX, Nasdaq Eye 5th-Straight Weekly Win on Heels of Inflation Update

All eyes are on this morning's inflation reading update

Managing Editor
Feb 9, 2024 at 12:05 PM
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Following an updated inflation reading, stocks are mixed this afternoon. The Dow Jones Industrial Average (DJI) is down nearly 130 points, and set to snap a four-week winning streak. Elsewhere, the S&P 500 Index (SPX) is trading above the psychologically significant 5,000 level and the Nasdaq Composite (IXIC) sports a triple-digit lead, as both indices pace for their fifth-straight week of gains.

The consumer price index (CPI) was adjusted to a 0.2% increase, or a lower-than-anticipated reading. Several earnings names are also in the spotlight, including Cloudflare (NET) and Pinterest (PINS), while Megacap tech names enjoy a lift.

Continue reading for more on today's market, including:

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Shares of Affirm Holdings Inc (NASDAQ:AFRM) are down 10.6% to trade at $44.03 this afternoon, following a disappointing fiscal second-quarter earnings. Options traders have jumped on the fintech name, with 148,000 calls and 72,000 puts exchanged so far -- six times the average intraday amount. Most popular is the weekly 2/9 50-strike call, where positions are being sold to open, ahead of the contract's post-close expiry. Year-to-date, AFRM has already shed 8%, though dual support seems to have emerged at the 50-day moving average and $40 level in the last few weeks.

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UiPath Inc (NYSE:PATH) is one of the top performers on the New York Stock Exchange (NYSE) today, surging nearly 7%, trading at $26.01, at last check. While the catalyst behind the bull gap is unclear, investors are enjoying the equity's 66% year-over-year gain and fresh off a nearly two-year peak of $26.94.

Sitting on the other end of the NYSE, Owens Corning (NYSE:OC) is down 7% at $147.81 at last glance, after the company revealed its planned acquisition of Masonite International for $133 per share, or $3.9 billion in cash. Today's pullback is a rare occurrence for the stock, with the security sporting a 12-month gain of 51%.

 

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