S&P 500 Eyes Close Above 6,400; Nasdaq Nabs Another Record

Stocks are rallying today, as investors cheer a lighter-than-expected consumer price index (CPI) reading for July. The Dow Jones Industrial Average (DJIA) is up over 420 points at last check, with UnitedHealth (UNH) stock propping the blue-chip index higher. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also confidently higher, the former eyeing its first-ever close above 6,400, and the latter nabbing yet another record high. 

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

• Software stock riding high after earnings.
• Footwear stock could burn short sellers. 
• Plus, Starlink competitor heats up; United Airlines stock soars; and CAH gaps lower.

AST SpaceMobile Inc (NASDAQ:ASTS) stock is seeing notable options activity today. At last check, 69,000 calls and 39,000 puts have traded hands, volume that's double the average intraday amount. The August 55 call is the most popular today, with sell-to-open activity detected. The satellite telecom company reported second-quarter earnings that left a lot to be desired, but investors are cheering a fully funded plan to deploy 45 to 60 satellites into orbit by 2026. ASTS is up 11.6% to trade at $51.25 at last check, and is now 142% higher year to date. 

United Airlines Holdings Inc (NASDAQ:UAL) stock is among the better stocks on Wall Street today, up 9.3 % to trade at $97.64 at last check. The airline sector is buzzing, after the CPI data showed fares rose 4% in July, a stark contrast from the 0.1% drop in June. United Airlines stock is currently trading at its highest level since late February, as it attempts to swing to the positive side of its year-to-date breakeven level.

Cardinal Health (NYSE:CAH) stock is sitting out today's broad market rally, last seen down 7.2% to trade at $146.51. The healthcare company reported fiscal fourth-quarter revenue that fell short of estimates. The company will also purchase Solaris Health for $1.9 billion. Despite today's bear gap, CAH is still 22.5% higher year to date, with this selloff finding support at its 160-day moving average.