Dow Up 370 Points; S&P 500, Nasdaq Touch 13-Month Highs

There is plenty of economic data for investors to pick apart

The Dow Jones Industrial Average (DJI) is surging, up 370 points this afternoon, as investors unpack this morning’s flood of economic data, as well as yesterday’s highly anticipated rate-hike pause from the Federal Reserve. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are higher as well, with both notching their highest intraday levels since April 2022. 

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

  • Target stock continues to climb from lows after dividend hike
  • Fintech stock hit with downgrade on short-term expectations.
  • Plus, MANU-Qatar negotiations continue; PTEN jumps on merger; and GAMB falls from highs. 

Options traders are targeting Manchester United PLC (NYSE:MANU), after reports that the football club is negotiating exclusivity with Qatar’s Sheikh Jassim bin Hamad al-Thani in the proposed $6 billion takeover deal. So far, 40,000 calls and 11,000 puts have been exchanged, which is six times the usual daily volume already. The June 30 and 15 calls are the most popular, expiring at the end of this week. MANU is up 6.7% at $24.56, and sports a 128.2% year-over-year.

Patterson-UTI Energy Inc (NASDAQ:PTEN) is up 11.3% at $12.38 at last glance, after news that the oil name is merging with NexTier Oilfield Solutions (NEX) to create a $5.4 billion oil services firm. PTEN is running into its descending 100-day moving average, and is still down 26.6% year-to-date. Group Ltd (NASDAQ:GAMB) is down 13% at $9.57 at last check, slipping away from its June 12, 52-week high of $11.49, after the company’s secondary public offering was priced at $9.25 per share. Year-to-date, the security is still up 7.3%.