Stocks Mixed As Investors Take Big Tech Profits

The major benchmarks are mixed today, as investors cycle out of the  and buy into bank and energy stocks, as they await this week’s personal consumption expenditures (PCE) reading, which could influence future interest rate decisions.The Dow Jones Industrial Average () is sporting a nearly 365-point midday lead, while the S&P 500 Index () is modestly higher, and the Nasdaq Composite Index (IXIC) is lower.Midday Market Stats June 242024Call traders are blasting Affirm Holdings Inc (Nasdaq: ) today, after Goldman Sachs initiated coverage of the buy-now-pay-later stock with a “buy” rating. The analyst also set its price target at $42, saying the company is a sector leader and that it boasts a robust underwriting business. Already today, more than 56,000 bullish bets have crossed the tape, which is triple the intraday average volume. New positions are being opened at the most popular contract, the weekly 6/28 31-strike call. On track to snap a six-session losing streak, AFRM sports a nearly 120% year-over-year lead.AFRM Chart June 242024RXO Inc (NYSE: RXO) is heading for its best day ever, last seen up 23.2% at $24.90, and earlier hitting a record high of $25.10 the freight firm bought Coyote Logistics from UPS for over $1 billion. The security added more than 32% in the last nine months, and sports a 17.8% year-over-year lead.Respiratory device maker Resmed Inc (NYSE: ) is down 11.3% to trade at $182.50 at last glance, extending its 15.3% year-over-year deficit after news that Eli Lilly’s (LLY) weight loss drug, tirzepatide, reduced the severity of obstructive sleep apnea in people with obesity.Nasdaq Loses Win Streak Despite Record Peak S&P 500 Moves Above 5,500; Nasdaq Nabs Record HighS&P 500 Nabs Record Close; Nasdaq Ekes Out 7-Straight

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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