Nasdaq Up Over 500 Points Amid Renewed AI Optimism

• Alibaba stock is enjoying AI tailwinds.
• Wells Fargo upgrade drives blue-chip stock higher.
• Plus, ANF takes pre-earnings breather; semiconductor stock surging; CPRT draws bear notes.

Shares of Abercrombie & Fitch Co (NYSE:ANF) are down 5.5% to trade at $66.27 at last glance, ahead of the retailer's third-quarter earnings report, which is due out before the open tomorrow. Options traders are already chiming in, with 6,183 calls and 23,000 puts traded so far today, which is nine times the volume that is typically seen at this point. The most active contract by far is the December 65 put. ANF carries a 55.4% year-to-date deficit, and earlier hit its lowest level since April.

 

Broadcom Inc (NASDAQ:AVGO) stock is among the SPX's outperformers today, up 9.6% to trade at $372.80 at last check. The security is enjoying today's broader market tailwinds, on track for its biggest single-day percentage gain since Oct. 13 while sporting a healthy 59.7% year-to-date lead. Shares are also not too far removed from an Oct. 29, record high of $386.48, with long-term support at the 80-day moving average containing their most recent pullback.

Meanwhile, Copart Inc (NASDAQ:CPRT) is among the worst stocks on the SPX, last seen down 4.5% to trade at $38.92. The security earlier attracted price-target cuts from Jefferies and J.P. Morgan Securities to $50 and $45 from $60 and $50, respectively. On track for a third-straight daily loss, Copart stock has shed more than 32% so far this year.